Coinone adds asset analysis service and fiat currency deposit feature

CoinDCX Expands Okto Wallet’s Global Reach with Transak IntegrationIndian cryptocurrency exchange CoinDCX has moved to broaden the accessibility of its self-custody wallet, Okto. The exchange recently announced the addition of Transak, a major on-ramp platform that enables a fiat-to-crypto payment gateway integration, to enhance the wallet’s global capabilities.Photo by Kanchanara on UnsplashBuilding on OktoThat’s according to a report published by Cointelegraph on Thursday. Okto was introduced by CoinDCX in August 2022, and the firm swiftly moved to expand its services. The integration with Transak represents a pivotal step in this direction.This strategic integration immediately expands the reach of the Okto wallet from supporting 60 countries to an impressive 155 jurisdictions. Neeraj Khandelwal, Co-Founder of both CoinDCX and Okto, emphasized the significance of this move, stating that it allows users in numerous countries to engage with cryptocurrencies directly through Okto.While Transak supports approximately 160 tokens, Okto goes above and beyond by allowing users to store more than 1,000 tokens across multiple blockchain networks, including Polygon, Fantom, Avalanche, and others. According to an Okto spokesperson, the wallet can accommodate up to 3,000 tokens, providing ample flexibility for cryptocurrency enthusiasts.Seamless fiat-to-crypto conversionKhandelwal also spoke to the value add that a more seamless asset conversion process will bring. He stated:“The integration of Transak now allows users to seamlessly convert fiat to crypto right within the app. Prior to this integration, users had to transfer funds from another decentralized wallet, such as MetaMask.”Transak’s integration brings a key feature to Okto — the ability for users to purchase cryptocurrencies like Bitcoin (BTC) directly within the wallet. Notably, this functionality accepts a wide range of fiat currencies, including the US dollar, euro, Hong Kong dollar, and others. Prior to the Transak integration, users were required to transfer digital assets from external wallets like MetaMask. With this development, Okto streamlines the process, enabling users to seamlessly convert fiat into crypto within the app itself.Months-long integration processIt’s worth noting that although the announcement of Transak’s support on Okto was made on Thursday, the integration process began several months earlier. As early as August, some Indian users reported encountering Transak while Okto was in the testing phase. The integration process itself commenced in April, with the official roll-out to all customers occurring in mid-September.Transak, a global Web3 payment and onboarding infrastructure provider, plays a crucial role in bridging the gap between traditional finance and the digital asset ecosystem. It is a well-established on-ramp solution in the cryptocurrency industry, with platforms like MetaMask, Coinbase, and PancakeSwap among its clientele.In recent days, Okto has also announced a partnership with ReHold, a multi-chain protocol which has been developed to enable users to maximize their crypto earnings. In the coming weeks, Okto and ReHold will work towards integrating Okto’s wallet with ReHold.The Okto-Transak integration is in line with Transak’s mission to facilitate crypto adoption by providing easy access to digital assets. Earlier this week, Transak also announced its integration with The Open Network’s (TON) wallet, known as Tonkeeper. This collaboration opens up Toncoin (TON) purchases directly with fiat currencies to users in more than 150 countries, marking a significant milestone in expanding the TON ecosystem.

Bitget Claims Debt-Free Status via Proof of ReservesBitget, the Seychelles-based cryptocurrency derivatives exchange, proudly announced that its total proof-of-reserves ratio has reached an impressive 223% in its latest report.Photo by Traxer on UnsplashReserve of $1.44 billionIn a press release published to its website on Thursday, the exchange revealed that it currently holds a reserve of $1.44 billion, encompassing 31 different crypto assets. The reserve ratios for popular cryptocurrencies such as Bitcoin (BTC), Tether (USDT), Ether, and USDC stand at 454%, 135%, 171%, and a staggering 2,604%, respectively.Bitget executives, in an interview with Cointelegraph, emphasized the exchange’s commitment to operating without relying on debt or user funds for transactions or investments. They stated that the company is debt-free and has no outstanding liabilities, nor is it listed as a creditor for any recently bankrupt companies.When questioned about the high collateralization for certain coins, the exchange clarified that the funds originate from profits generated through transaction fees and returns from investments and acquisitions. While Bitget does not have external insurance for its users, it maintains a robust $300 million User Protection Fund.Executives assert that this fund operates more effectively than third-party insurance, enabling them to efficiently safeguard users’ assets without being dependent on external bureaucracy or policy changes.Partnering with third-party auditorsAlthough not yet a regulatory requirement, Bitget aims to enhance transparency by increasing partnerships with third-party auditors to thoroughly examine its assets and reserves. The exchange diligently updates its proof-of-reserves every month, further reinforcing its commitment to accountability and trustworthiness.While proof-of-reserves has gained popularity as a means of disclosing information about exchange assets, experts have cautioned about its effectiveness. Jack Graves, a professor of law at Syracuse University, highlights the challenges in determining the portion of assets pledged as collateral unless one has access to an exchange’s financial services, books, and records.Bitget’s remarkable proof-of-reserves ratio and its commitment to being debt-free demonstrate a greater focus on behalf of cryptocurrency exchanges in providing the crypto trading public with an enhanced level of information relative to the real-time financial position of the exchange.Crypto loansThe move is significant and much needed, following a dreadful 2022 for crypto consumers that saw many of them lose funds due to a complete lack of transparency with regard to funds held on deposit on behalf of customers. That period saw the collapse of platforms such as Celsius, FTX, Voyager, BlockFi, and others as a direct consequence of the mismanagement of user funds.It’s interesting too, that most of the platform failures involved crypto lenders, a space that Bitget recently announced that it was entering. Earlier this month, the company outlined that it would begin to offer crypto lending products to meet a need from users who are seeking alternative funding solutions, backed by digital assets.By diligently managing its funds and actively seeking audits, Bitget is making an effort to foster trust within the cryptocurrency community and ensure the safety of users’ assets.

UAE Accelerates Cross-Border Payments with JPMorgan’s OnyxFirst Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE), has ventured into the world of blockchain technology through a partnership with JPMorgan and its Onyx blockchain.Photo by Kamil Rogalinski on UnsplashFast tracking cross-border transactionsInternational financial transactions have long been afflicted by intricate procedures and snail-paced response times. These challenges have been particularly acute when it comes to cross-border payments. In response, FAB will utilize JPMorgan’s Coin Systems in order to expedite and streamline such cross-border payments.Powered by blockchain technology, JPMorgan’s Coin Systems advocates for swift transfers and settlements through a secure, distributed ledger. This collaboration between FAB and JPMorgan’s Onyx division was announced via a press release published on Tuesday (local time).The initiative represents FAB’s efforts towards leveraging cutting-edge technology, while improving and redefining the customer experience. While the initial testing phase was a success, it’s merely a prologue to FAB’s broader plans to utilize the technology for global transactional banking.With assets totaling AED 1.1 trillion ($312 billion) as of mid-2023 and laudable ratings from Moody’s, S&P, and Fitch, FAB maintains a significant presence in banking in the Middle East region.Onyx blockchainJPMorgan launched its Onyx blockchain in 2020 as a permissioned blockchain network. It is understood that the network processes daily transactions to the value of between $1 billion and $2 billion through partnerships established with banks in the Middle East, Europe, and India. Among the services offered by Onyx Digital Assets are tokenized US treasury bonds and mortgage-backed securities alongside its JPM Coin.JPMorgan is not alone in terms of top-tier banks and financial services firms who are delving into the world of blockchain. Rivals such as Citi announced its Citi Token Services product offering in September. It’s a blockchain-based service that utilizes tokenized deposits for the purpose of trading and providing liquidity.Meanwhile, payments firm Mastercard announced that it was performing testing on its Multi Token Network in June. For its part, JPMorgan has also been a participant in Singapore’s Project Guardian, a collaborative initiative led by the Monetary Authority of Singapore in conjunction with the financial services sector, centered on asset tokenization.Bahrani partnershipThis latest collaboration follows hot on the heels of JPMorgan’s partnership with another Middle Eastern bank last month. Bank ABC, which is headquartered in Bahrain, became the first Middle Eastern bank to utilize JPMorgan’s Onyx Coin Systems for faster cross-border payments.That initiative also had the support of Bahrain’s central bank. At the time of the launch of the collaboration, Central Bank of Bahrain Governor Rasheed Al Maraj stated:”After working closely with JP Morgan and Bank ABC over the past two years to experiment with cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.”