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CryptoCorner: Chinese Gov't Agency Labels Crypto Mining "Undesirable", Western Union (NYSE: WU) Partners with Coins.ph

 

Point Roberts, WA and Delta, BC - April 9, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Chinese Gov't Agency Labels Crypto Mining "Undesirable", Western Union Partners with Coins.ph

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Crypto Corner

Chinese central government agency, the National Development and Reform Commission (NDRC), has identified bitcoin mining as "undesirable" in a recently published proposal, according to CoinDesk. This designation will be subject to public feedback, after which it may come into effect. This could have significant impact on the market, as over one million crypto mining machines are expected to be operating in the country's southwestern region this summer.

The Western Union Company (NYSE:WU) has announced via press release that they have partnered with Philippines blockchain-based e-wallet company Coins.ph. The development would allow more than five million customers to receive international and domestic money transfers directly into their Coins.ph wallets in the Philippines. Ron Hose, Coins.ph co-founder and CEO said:

"There are many overseas Filipino workers who send money back home regularly and are always looking for additional remittance options that will make it most convenient for their loved ones to receive money. By pairing Coins.ph's payments technology with Western Union's expansive global network, we are giving Filipinos a seamless choice to receive money digitally, on the go."

Canadian crypto exchange QuadrigaCX has officially entered bankruptcy proceedings, according to the CBC. The exchange has not been operating for three months, and its 115,000 users are owed over $260 million CAD in cash and cryptocurrencies.

Crypto lending firm Dharma is now available to the public, according to a blog post yesterday by the company. The announcement indicates that users can use Dharma's services through any wallet, and that upon launch Ethereum (ETH) and the stablecoin DAI will be supported. An excerpt from the post reads:

Our goal is to make borrowing and lending beautiful and easily accessible - we're here to onboard the next million users to crypto-finance. To do so, we've built an experience similar to today's most popular internet applications, but with the magic and speed of an upgraded, programmable financial system. Dharma is a product that just works.

Sam Mowers, Investorideas

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Flip™ is the creation of Fit Pay, Inc., a leading provider of cutting edge payment technology and a subsidiary of NXT-ID (NASDAQ: NXTD). By leveraging the FitPay Payment Platform™, Flip enables cryptocurrency holders to seamlessly exchange their cryptocurrency for US dollars and store that value on a contactless payment device that can be used to make purchases at millions of retail locations. https://www.fliptopay.com/

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