Crypto-Friendly Xapo Bank Enters Indian Market

Of all the crypto startups bootstrapping their way forward in 2023, few have forged as many industry partnerships as Singapore-based fiat-crypto payment solutions provider Alchemy Pay. This week brought two more collaborative developments for the fledgling company.Photo by Erika Fletcher on Unsplash Trust Wallet partnershipAlchemy Pay has entered into a strategic alliance with Trust Wallet, a self-custody and multi-coin wallet project headquartered in San Francisco, boasting over 70 million users. The collaboration empowers users to seamlessly engage in crypto transactions with various fiat payments directly within Trust Wallet.According to a press release published by the company on Wednesday, the integration not only enhances the user experience but also provides more on and off-ramp solutions. With that, it potentially lowers the entry barrier for retail users and aids acceleration of the adoption of Web3.Trust Wallet users can now convert between crypto and fiat using a multitude of international and local payment methods which are enabled by Alchemy Pay from within the wallet. The platform supports over 30 fiat currencies and accommodates transactions involving numerous cryptocurrencies across more than 100 blockchains.Robert McCracken, the Ecosystem Lead at Alchemy Pay, expressed pride in the partnership, emphasizing the commitment to ensuring a smooth, compliant and secure user onboarding process for fiat on-ramp and crypto off-ramp. The collaboration aims to make comprehensive on and off-ramp support available to the global user community.Nate Zou, Trust Wallet’s Product Lead, was similarly enthused, stating:“We’re excited to offer more fiat solutions for our users by working with Alchemy Pay, making crypto more accessible than ever. This opens up new buying options for our global user base and introduces lower fees and more convenient payment methods while maintaining full ownership of their assets.” Enabling UK and Euro paymentsNot resting on that single collaboration, in a separate development Alchemy Pay has introduced new payment options, including the euro instant solution, Single Euro Payments Area (SEPA) Instant and the U.K. fast money transfer option, Faster Payments. According to details of these additions published to the Alchemy website on Thursday, the aim is to simplify the process of purchasing cryptocurrencies like Bitcoin, with transfers being processed in seconds to within a few minutes.SEPA Instant allows European Alchemy Pay customers to buy cryptocurrency up to 5,000 euros ($5,460), while Faster Payments, available in 30 European countries and the U.K. after Know Your Customer checks, has a transfer limit of up to 5,000 British pounds ($6,320). These options complement existing local payment channels, such as the Polish Blik payment system, Bancontact, Skrill and others.The announcement emphasized that this expansion of payment channels throughout Europe signifies Alchemy Pay’s growing influence and market reach.Notably, the platform recently acquired licenses in the United States, including Iowa and Arkansas. It has stated that other such state license applications are in the works, with the company expecting further licensing awards to be announced in the coming weeks. The firm also expanded its operations in Indonesia and Lithuania in February 2023.As Alchemy Pay actively broadens its payment services worldwide, the partnership with Trust Wallet and the enabling of Euro area and UK payments contributes to its mission of making crypto transactions more accessible and user-friendly on a global scale.

Matrixport Forecasts Bitcoin Bull Market Breather AheadMatrixport, the Singapore-headquartered digital asset financial services provider, has reported a significant surge in its Bitcoin Greed & Fear Index (GFI) over the past week.Photo by Karolina Grabowska on PexelsBitcoin Greed & Fear Index (GFI)The index, which tracks market sentiments, has skyrocketed from below 10% to a staggering 93%. Such a rapid increase indicates a prevailing sense of greed and excessive optimism among Bitcoin investors. As a result, industry experts are suggesting that a breather in the ongoing Bitcoin rally may be on the cards.Markus Thielen, the Head of Research and Strategy at Matrixport, has advised short-term traders to consider capitalizing on their gains given the exuberant levels recorded by the Bitcoin Greed & Fear Index. Historical analysis reveals that readings above 90% have often signaled interim tops in Bitcoin’s price, while readings below 10% have preceded notable price rallies.Upward movement favorableDespite the current high reading, the 21-day simple moving average of the index remains below the critical 90% mark. This implies that the overall trajectory for Bitcoin still favors upward movement. Thielen points out that the rising 21-day moving average indicates the potential for further upside once the current phase of exuberance subsides, allowing for consolidation in the market.Chart analysts share an optimistic view of Bitcoin’s future, with some predicting a potential rally towards the $35,000 mark and beyond. Josh Olszewicz, Head of Research at digital asset investment firm Valkyrie, highlights a falling wedge setup in Bitcoin’s recent price action.The successful bounce off the support level, combined with the completion of the falling wedge pattern, has heightened expectations for a move towards the mid-$30,000 range. Olszewicz does caution that significant resistance may arise in that zone, likely leading to a subsequent period of re-consolidation before any further upward progress can be made.In recent weeks, Bitcoin experienced a pullback from its mid-April high of $31,000, eventually finding support around the $25,200 level earlier this month. This pullback, often referred to as a “throwback,” historically acts as a catalyst for price rallies, as has been evident in the past few days.Ether gain potentialWhile Bitcoin’s rally has been impressive, Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a gain of 15.9% since last Thursday. However, Ether’s GFI index has yet to reach the 90% threshold, indicating potential room for further growth while Bitcoin takes a breather.Matrixport’s Bitcoin Greed & Fear Index has surged to an astonishing 93%, signaling heightened levels of greed and optimism among Bitcoin investors. Traders are advised to consider securing their gains as the index reaches exuberant levels.Nonetheless, the rising 21-day moving average suggests the potential for Bitcoin’s upward momentum to continue following a period of consolidation. At the time of writing, Bitcoin is trading around $31,200, based on CoinGecko data. Going into the weekend, that’s demonstrating continued growth. Meanwhile, Ether shows promising performance, with potential for further growth.

Crypto.com, one of the world's largest cryptocurrency exchanges, has indefinitely delayed its service launch in South Korea after the country's financial regulators conducted an on-site inspection on the exchange. The inspection came after the country’s Financial Intelligence Unit (FIU) under the Financial Services Commission detected data that appeared to violate anti-money laundering (AML) compliance requirements from the documents submitted by Crypto.com, according to local media Segye Ilbo. This decision came just six days ahead of its planned launch, originally scheduled for April 29.  The exchange has secured a virtual asset service provider (VASP) license by acquiring the local trading platform called OkBit in June 2022. A VASP license allows a digital asset exchange to operate in Korea.  Photo by Leeloo The First on PexelMitigating ‘Kimchi Premium’ effect Crypto.com initially planned to launch a mobile app featuring cryptocurrency trading on April 29, targeting South Korean retail investors. The platform aimed to differentiate itself from other local competitors by offering crypto assets at reasonable prices, mitigating the so-called Kimchi Premium effect, as announced in a press conference on April 2. The Kimchi premium refers to relatively high crypto prices in the Korean market compared to other foreign markets, which is prevalent in Korea’s major licensed crypto exchanges. The effect often results in Korean investors buying crypto assets at higher prices than those on other global crypto exchanges such as Binance. This is likely where the concerns for AML violation come up, financial experts assume, as the platform’s strategy could facilitate arbitrage during operation.  Crypto.com remains committed to Korea launch In a statement sent to CoinDesk, a spokesperson of Crypto.com said, “Crypto.com maintains the highest Anti-money Laundering standards in the industry. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls, which have been reviewed and approved by major jurisdictions around the world.”  The person also mentioned that South Korea is a difficult market for global crypto exchanges to enter, but still emphasized the company’s commitment to cooperating with local regulators.  “OkBit maintained approximately 900 customers at the point of acquisition by Crypto.com, and OkBit has never been cited for any AML infractions. Since the acquisition, existing OkBit customer access has been limited to withdrawals,” the spokesperson said.