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#CryptoCorner: Gemini Joins Silvergate Exchange Network, Telegram to Issue Digital Currency Within Two Months, Swiss Crypto Firm Sygnum Aiming for Banking License in Singapore

 

Point Roberts, WA and Delta, BC - August 28, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Gemini Joins Silvergate Exchange Network, Telegram to Issue Digital Currency Within Two Months, Swiss Crypto Firm Sygnum Aiming for Banking License in Singapore

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Crypto Corner

Crypto exchange Gemini has joined payments platform Silvergate Exchange Network (SEN), according to a blog post yesterday. SEN allows Gemini's institutional clients to "deposit and withdraw U.S. dollars to and from their Gemini account in real-time; 24 hours a day, 7 days a week, and 365 days a year". The post also notes that Gemini is fully integrated with SEN's application programming interface (API), allowing the firm to process deposits and withdrawals automatically and instantaneously.

The New York Times reports that messaging app Telegram plans to issue its own digital currency, called the Gram, within the next two months. The Times was told by three anonymous sources that Telegram also plans to make Gram digital wallets available to the platform's 200 million to 300 million global users. Anticipating the Libra-like scrutiny that Telegram will receive once this project goes public, the Times quotes Richard Levin, who specializes in cryptocurrencies law at the law firm Polsinelli:

"Anyone trying to build this type of token system has to be careful on any number of levels with regulators. I suspect that regulators will take a very close look at this offering."

Bloomberg reports that Swiss crypto firm Sygnum is speaking with regulators in Singapore, in hopes of obtaining a capital markets services license. Sygnum has recently been granted a conditional banking and securities dealer license from regulators in Switzerland. Sygnum co-founder Gerald Goh said:

"In order for us to provide a full suite of services, we need to operate as a bank."

Fellow co-founder and company CEO Mathias Imbach explained the importance of attaining status as a bank:

"We have been approached over the past few months by many parties who hold a lot of cryptocurrencies and look for a fully regulated bank. One of their biggest challenges is to find banking specialists to connect them to the real world, to pay their taxes, their employees' salary."

Venezuelan pharmacy chain Farmarket has begun accepting payments in DASH, according to an announcement from the Dash Core Group. Payments are made possible through the deployment of the XpayCash POS, a payment system that is operated by Panda Exchange and allows users to pay with Dash in instant transactions, using Dash's InstantSend technology. Ryan Taylor, CEO, Dash Core Group, commented:

"Enabling Dash payments at Farmarket is a massive step in growing our ecosystem of retailers. Dash users can now pay for essential products and medicines at a well-known and trusted pharmacy brand. We expect our partnership with Panda in Colombia and Farmarket in Venezuela to be a substantial move toward a purchase driven economy, where not only Venezuelans in Caracas will be able to pay directly in stores with Dash, but also their relatives in Colombia and elsewhere will be able to buy medicine from abroad and resolve health issues for their relatives and loved ones."

Sam Mowers, Investorideas

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