MEVerse and XPLA forge partnership to herald new era of blockchain gaming

Alchemy Pay scores second money services license in United StatesAlchemy Pay, the Singaporean crypto-fiat payment services provider, is solidifying its presence in the United States, with the acquisition of a money services license in the state of Iowa.Photo by Austin Goode on UnsplashU.S. licensing driveThis expansion, announced on Thursday, aligns with the company’s strategy to navigate the U.S. regulatory landscape and enhance compliance with local requirements. This recent acquisition follows Alchemy Pay’s earlier achievement of a money transmitter license (MTL) in Arkansas in September. The company has not only completed the application process for MTL licenses in additional U.S. states but also expects responses in the coming months.Under the regulatory framework of Iowa, entities or individuals engaged in currency exchange or money transmission must obtain a money services license. In an interview with Cointelegraph, Alchemy Pay Ecosystem Lead Robert McCracken highlighted the Singaporean company’s commitment to a well-structured regulatory environment. McCraken stated:“We believe that a well-structured regulatory environment is essential for the sustainable growth and development of any industry, and that includes the fiat-crypto payment industry.”Despite the challenges posed by the evolving regulatory landscape in the U.S., McCracken affirmed the company’s dedication to seeking licenses and upholding compliance standards as it expands operations. He described this approach as “more challenging but ultimately correct” for ensuring the long-term success of the crypto payment industry.Global market expansionIn addition to its U.S. endeavors, Alchemy Pay is actively pursuing license applications and market expansion opportunities globally, including in the United Kingdom and Hong Kong. The firm operates in 173 countries already, facilitating transactions through various payment methods, including Visa, Mastercard, regional mobile wallets and domestic transfers.In April, the company secured $10 million in funding from Singaporean venture fund and market maker DWF Labs, with a view towards expanding the business in South Korea. The following month, it enabled a rupee-denominated on-ramp, integrating with India’s UPI real-time payments system. In July, it partnered with well-known payments processor Checkout.com, integrating its Visa and Mastercard channels into its on and off-ramps.ICP collaborationThe collaborations and partnerships keep coming with Alchemy Pay and with that, on Wednesday it announced a strategic partnership with the Internet Computer (ICP) smart contract platform.That collaboration will see the listing of ICP, Internet Computer’s native token, on Alchemy Pay’s fiat on-ramp. This is the latest in a line of collaborations the crypto payments gateway has made with layer one and two blockchain network projects, including Polygon, Avalanche, Algorand and Arbitrum.These latest strategic expansions align with the company’s vision to establish a strong global presence while navigating and contributing to the ongoing evolution of crypto regulatory frameworks. Currently, comprehensive regulations for the entire crypto industry in the U.S. are under consideration by regulators, reflecting the dynamic nature of this rapidly evolving sector.

Bybit Overhauls Institutional Trading Platform Bybit InstitutionalDubai-headquartered crypto exchange Bybit has announced the launch of its newly revamped institutional trading platform, Bybit Institutional.Bybit outlined details of the refreshed product offering which the company hopes will provide institutional clients with an elevated trading experience, via a blog post published to its website on Wednesday.The revamped Bybit Institutional platform claims to have introduced a host of new features that it hopes will distinguish it from competitor offerings:Photo by Gerd Altmann on PixabayLiquidityThe platform claims to be one of the largest in terms of open interest for crypto derivatives trading. This position allows for high trading volumes, creating frequent opportunities for clients to enter and exit positions. This heightened trading activity allows clients to execute orders without causing significant market price fluctuations.Asset safetyFollowing the spectacular failure of a number of crypto platforms in 2022, a lot of emphasis is being placed on client asset safety in 2023. Proof of reserve audits has been adopted by some platforms as a direct response to these failures. Bybit Institutional is offering that fail-safe in an effort to demonstrate that it maintains cryptocurrency reserves to cover all client holdings.Between routine audits, the use of robust security frameworks, multi-factor authentication, encryption, and other measures, the platform feels that it is prioritizing the security of client assets. Moreover, clients are also offered the option to utilize third-party custodial services for off-exchange settlement of trades and long-term asset storage.Fee structure optimizationThe platform is offering a fee structure that it claims to have tailored to maximize cost-efficiency for institutional traders. A customized fee schedule has been incorporated, based on trading volumes and strategies, and aimed at supporting institutions’ objectives of reducing trading costs while optimizing their returns.Eugene Cheung, Vice President and Head of Bybit Institutional, expressed his enthusiasm for the platform’s refreshed product offering, stating:“We are thrilled to introduce the new Bybit Institutional page, designed to cater specifically to the needs of our institutional clients. With our deep liquidity, commitment to asset safety, and cost-efficient fee structure, we aim to provide a seamless trading experience for institutions of all sizes.”Bybit Institutional has partnered with significant players within the industry in bringing its offering to market, such as Fireblocks, Copper, and Circle.Blockchain LifeThe United Arab Emirates-based exchange is also a participant in next week’s Blockchain Life 2023 event in Dubai, the 11th international forum on cryptocurrencies, blockchain, and mining. Cheung will participate as one of the panelists at the event on October 24. Titled “Crypto Market Outlook: Insights and Forecasts From Top Crypto Exchanges,” the panel of industry experts will delve into the current crypto landscape, emerging trends, and future forecasts.Bybit’s launch of the enhanced Bybit Institutional trading platform is indicative of the interest that exists between a range of market participants in cornering institutional business. UK bank Standard Chartered, through its Singapore-based subsidiary Standard Chartered Ventures and portfolio companies Zodia Custody and Zodia Markets, is also making a concerted effort to muscle in on this market segment.

KuCoin CEO: Privacy Not a Key Bitcoin FeatureJohnny Lyu, the CEO of Seychelles-headquartered cryptocurrency exchange KuCoin, recently shared his perspective on the role of privacy in Bitcoin, maintaining that privacy isn’t the primary feature of the leading digital asset that many believe it to be.Photo by Karolina Grabowska on PexelsUnit of exchange is coreIn an interview with Cointelegraph earlier this week, Lyu expressed his belief that privacy is not the core feature of Bitcoin. He argued that the primary benefit of Bitcoin lies in its function as a unit of exchange, enabling users to hedge against recessions.Lyu drew a connection between the creation of Bitcoin and the 2008 financial crisis, which was triggered by the subprime mortgage crisis in the United States. According to him, these events served as the catalyst for the birth of Bitcoin. However, he made it clear that privacy is just one of the features offered by the cryptocurrency.KYC safeguarding customer fundsAddressing concerns about the increasingly stringent Know Your Customer (KYC) checks being implemented by KuCoin, Lyu emphasized the importance of these measures in safeguarding user funds. While some individuals argue that stringent KYC practices compromise privacy, the CEO believes that they enhance security. He explained that KYC procedures protect users’ assets by establishing ownership and enabling asset tracking in the event of theft.As the cryptocurrency industry continues to expand and interact with the physical world, compliance becomes crucial. Lyu expressed his belief that KYC checks are an inevitable and healthy stage in the development cycle of cryptocurrencies. Compliance measures contribute to the industry’s long-term stability and promote user confidence.New restrictionsKuCoin recently announced that starting from July 15, 2023, mandatory KYC checks will be implemented for all new users. This means that without completing the KYC process, new users will be unable to access KuCoin’s products and services. Existing users who have not undergone KYC will still be able to trade but will face restrictions on depositing new funds.Lyu acknowledged that these new KYC restrictions may impact KuCoin’s trading volumes in the short term, as some customers may choose to leave. However, the exchange remains optimistic about the long-term benefits of compliance. The CEO expressed confidence that increased compliance will attract more secure funds and users to the industry, ultimately enhancing the overall security and integrity of the ecosystem.KuCoin currently boasts 27 million users, reflecting a 35% increase compared to the previous year. Following the announcement of the KYC upgrades, the exchange experienced a notable uptick in trading volumes, with figures rising from around $540 million to over $660 million at the time of writing, according to CoinGecko data.The introduction of mandatory KYC checks is seen as a necessary step to enhance user security and protect their assets. Although short-term effects on trading volumes are anticipated, the exchange remains optimistic about the long-term benefits of compliance measures for the entire industry.