Top Exchange from Brazil to Go For International Expansion 0 27

After the success the cryptocurrency industry gained back in 2020, other countries that were reluctant in adopting crypto-technology have also gained a lot of experience. Over the course of time, the cryptocurrency industry has also grown big and vast.

With time, many countries have come to realize the importance of adopting cryptocurrency-blockchain technology. Now every country that has already adopted cryptocurrency technology is planning to expand its business on the international platform.

This is where one of the major cryptocurrency exchanges from Brazil comes in. Mercado Bitcoin, which is the largest Bitcoin (BTC) exchange in Brazil has made a delightful announcement for its international followers.

The Mercado Bitcoin exchange has announced that it is in the process of expanding its services on the international platform. The exchange revealed that it has gained a lot of prominence and recognition in the local market. On top of that, the exchange is also seeing a lot of requests and following internationally.

This is the reason why the exchange is now planning to expand its services outside of Brazil. The Chief Executive Officer (CEO) of the exchange Reinaldo Rabelo revealed how they are planning to expand their services.

In the initial phase, the exchange will be expanding its services in Argentina, Chile, and Mexico. He stated that the current regulatory structure of these three countries is very much the same as Brazil. This is the reason why the exchange has made the decision of expanding its services in these three countries.

Once launched, the exchange will be closely monitoring the adoption rate, investment volume, and the institutional feedback from the countries. If things go as planned, they will surely be expanding their services into more countries.

According to on-chain analysis reports, Mexico currently ranks as the fourth largest Latin American country in the world with respect to Bitcoin trade volume. As far as Chile and Argentina are concerned, these two countries rank as number fifth and number seventh respectively.

In these three countries, the Bitcoin (BTC) trading volume is comprised of peer-to-peer transactions. This means that there is a huge demand from the local traders for Bitcoin (BTC), which is not being met by the centralized trading platforms.

Therefore, the exchange expects that it will be receiving a very huge reception and warm welcome from the local investors from these countries.

The news of Mercado Bitcoin expanding its business comes after an announcement that it had made around its recent funding round. According to Mercado Bitcoin (BTC) it had recently carried out a successful funding round in which it managed to raise $38 million.

Mercado Bitcoin (BTC) announced that it had managed to raise the funds from venture capital firms. Some of the most prominent firms include Banco Plural, Parallax Ventures, and Evora Fund.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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