Crypto Exchange Approved for Regulatory Sandbox License in Bahrain
Crypto Exchange Received Sandbox License
The Central Bank of Bahrain (CBB) has reportedly granted a regulatory sandbox license to the operator of Palmex, a Dubai-based cryptocurrency exchange. The Dubai International Financial Center (CPI Financial) elaborated on Tuesday:
Palmex, a professional digital asset exchange powered by Arabianchain Technology, has become the first cryptocurrency exchange in the Middle East and North Africa (MENA) to receive a regulatory sandbox licence.
According to its website, the exchange offers “multiple trading pairs including bitcoin and Dubaicoin DBIX, the first decentralized cryptocurrency in the region,” in addition to ETH, LTC, and XRP. Fees are divided into three tiers based on monthly trading volume.
Venture company Arabianchain Technology is also based in Dubai. “Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region,” the company claims.
License Effective June 15
The sandbox creates a virtual safe space for businesses to “trial and refine innovative products, services, platforms and business models in a live but controlled environment…giving regulators time to adapt legislation as needed,” CPI Financial explained. “Companies will also be able to apply to list their tokens and coins with Palmex and benefit from the compliance of the exchange.”
According to Arabianchain’s founder and CEO, Mohammed Alsehli, the company “will start with a limited number of select users to test and optimize the process and then expand to the rest.” CPI Financial wrote:
The licence goes into effect on 15 July as part of a rigorous application process that verified its security systems, policies, processes and controls to protect customers. Whilst in the regulatory sandbox, companies are required to adhere to CBB regulations.
The CEO believes that “a significant rise in awareness and adoption [of cryptocurrency] could be expected, driving a huge spike in the number of trades and token-based fundraising across the region while maintaining the safety of the financial system,” CPI Financial conveyed.
Written by Bitcoin.com
Dennis Rodman and Potcoin: How Crypto Gatecrashed a Historic Summit
With all eyes on Singapore this week, was it any surprise crypto would make an appearance?
The historic summit between U.S. President Donald Trump and North Korea’s Supreme Leader Kim Jong Un got the crypto community’s attention – and held it – thanks to Dennis Rodman and the notorious cryptocurrency that funded his travel to Singapore, potcoin.
CoinDesk reported on June 7 that retired basketball star Dennis Rodman was headed to Singapore for the Summit with the help of the marijuana-themed cryptocurrency. As a celebrity who have visited North Korea several times, Rodman’s trip was considered as “a celebrity twist” to the historical geopolitical event.
According to The Washington Post, Rodman was “in discussions with” the team behind potcoin last week to get financial support for the trip. He later officially confirmed the news on Twitter highlighting the fact his trip was sponsored by the group:
In fact, it is not the first time that potcoin has helped Rodman with his travels.
Just last year in June, the former Chicago Bulls star went back North Korea through potcoin’s sponsorship. At the time, the price of cryptocurrency spiked as Rod announced the news on Twitter in a “potcoin” t-shirt and a baseball cap.
Launched in 2014, potcoin claims it is “the first digital currency created to facilitate transactions within the legalized cannabis industry” on its website. By which, it means that it gives marijuana dispensaries and farmers an alternative to other financial institutions like a bank when they trade.
And that leads us to the day when we have Rodman, crying, on CNN from Singapore wearing a “Make America Great Again” hat, and it makes the crypto world look no worse than ever.
Good for potcoin?
Shawn Perez, a potcoin spokesman, told The Post that the trip would be a “peace mission,” but many suspected it was purely a trip to promote potcoin’s brand.
ESPN reporter Darren Rovell tweeted that the advertising Rodman garnered for potcoin in the moment was worth $4.1 million.
Though Virginia Heffernan, editor at WIRED, thinks the advertising would only have counterproductive effect. Potcoin is, after all, trying to disrupt payments (a real industry).
2018 jumps the shark?
For most of Twitter users, though, it was just a weird moment that is really, really, really hard to digest.
As it is now, the price of potcoin, which is ranked No. 315 on CoinMarketCap, spiked in the last 24 hours, according to ConMarketCap’s data.
Written by CoinDesk.com
Coinbase’s New Index Fund for Investors Is Now Live
Coinbase has formally launched a new index fund product aimed at large investors.
Announced Wednesday in a blog post by product lead Rueben Bramanathan, the Coinbase Index Fund is now “open for investments” with a minimum required investment of $250,000.
The fund will give investors access to all of the assets currently listed on Coinbase, which at present include bitcoin, bitcoin cash, ethereum, litecoin and now ethereum classic. The assets will be weighted by their market capitalization, according to the post.
Further, more assets can be added if Coinbase lists them at a future date.
“We’ve seen overwhelming interest from investors since we announced the fund earlier this year. At this stage, we have opened the fund to those who wish to invest $250,000 to $20 [million].”
The fund was first announced in March. At the time Coinbase noted that it would offer exposure to any assets listed on GDAX, which is now being deprecated in favor of the firm’s new Coinbase Pro service.
However, the fund is not yet open to everyone – Bramanathan noted that, “At this stage, Coinbase Index Fund is only open to US-resident accredited investors.”
While he said that Coinbase is “working on launching more funds which are accessible to all investors and cover a broader range of digital assets,” no timeline has yet been provided.
Coinbase app image via Pe3k / Shutterstock
Written by CoinDesk.com