March 7, 2021

Cryptheory

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Shortly from the Cryptoworld 21/03 | Italian bank allows trading in bitcoins, Bitfinex delists and more

3 min read
Shortly from the Cryptoworld 21/03 | Italian bank allows trading in bitcoins, Bitfinex delists and more
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The Italian bank allows trading in bitcoins

 

The latest Bitcoin adoption news came from one of the oldest Italian banks – Banca Sella. The bank launched a Bitcoin trading service conducted on its platform called Hype. The beta testing should be done within the next few days, and the service will be online for all customers. Hype will allow sending portions of bitcoins to all contacts in the address books of the clients. They will also be able to pay for purchases in “all cases where payment by cryptocurrency is allowed.”

 

The website also outlines an easy to navigate user face and a simple method of sending or receiving the required amount of bitcoins. Interestingly enough, Hype will also showcase the mining fee for each Bitcoin transaction. It’s worth noting, though, that the bank will be charging a 1% commission on all of the transactions. More details.

 

Bank of England canceled stress test!

 

On Friday, the Bank of England (BoE) and the Prudential Regulation Authority (PRA) cancelled the 2020 stress test of eight major British banks and building societies, citing the emergency situation amid the coronavirus outbreak. This is another example of how governments are supporting the banking systems while the crypto market is on its own. 

 

The new date will be announced later. Due to the coronavirus pandemic, some larger banks and institutions are already in trouble, and the question is whether there will be any test at all. The world can change dramatically over the coming months.

more details

 

Bitfinex removes nearly 100 trading pairs

 

Citing low liquidity, Bitfinex has announced that it will soon delist over 87 trading pairs. This move reflects the increasing competition within the altcoin space, and could prompt considerably more market volatility.  Some of the platforms will be completely dropped from the exchange, whereas others will only lose their Ethereum (ETH) pairing. A few will see pairing reorganization. Coins on the chopping block include Bancor (BNT), Raiden Network (RDN), and Zilliqa (ZIL). Verge (XVG) will also have 2 major fiat trading pairs stripped, Pound Sterling (GBP) and the Euro (EUR).

The removal of these trading pairs will serve to consolidate and improve liquidity on Bitfinex, leading to a more streamlined and optimised trading experience for our users.

This move could be related to the fact that Bitfinex is losing the support of the crypto community. Unlike its key rivals, the exchange continues to maintain strict privacy over its key operations.  This position is unsustainable as cryptocurrency moves into the mainstream. For example, Binance, which also has a large pair selection and is popular with traders, has been actively working to gain legitimacy in the eyes of governments and regulators, and is making transparency a priority moving forward. Not surprisingly, it has grown significantly as of late.  More details.

 

Move half a billion USD almost free!

 

Binance moved BTC worth nearly half a billion USD. You won’t believe how much she paid for this move: only $ 1.5! Low fees are one of several reasons to use Bitcoin in everyday life. While some bank already charges a lot of money when depositing money, in the case of BTC you only pay for moving coins, which will eventually be redistributed back into the network.

 

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