ShapeShift Facilitates US Clients to Buy BTC With Debit Card

ShapeShift Facilitates US Clients to Buy BTC With Debit Card
April 7, 2020


The cryptocurrency market continues to remain bullish, with Bitcoin (BTC) reaching $7,316, representing a gain of 6.6% in the past 24 hours, at the time of writing this article. Ether (ETH) has gained 17.3% to trade at $168.63. XRP is trading at $0.1955, mirroring a gain of 8.8%. Other major altcoins which have gained in the past 24 hours include Monero (XMR-$57.55, 6.9%), Tezos (XTZ-1.92, 13.8%), EOS (EOS-$2.70, 14.3%), Tron (TRX-$0.0135, 5.5%), Stellar (XLM-$0.0495, 12.6%), Ethereum Classic (ETC-$5.54, 8.8%), Cardano (ADA-$0.0351, 9.2%), Binance Coin (BNB-$14.81, 8.3%), Cosmos (ATOM, $2.33, 11.6%), Dash (DASH-$72.43, 7.1%), LEO (LEO-$1.03, 0.2%), Huobi (HT-$3.92, 5.5%), Bitcoin Cash (BCH-$253.66, 8.9%), Litecoin (LTC-$45.04, 0.9%), ChainLink (LINK-$2.61, 14.2%), OKB (OKB-$4.78, 2.1%) and IOTA (IOTA-$0.1666, 11.3%).


Government level initiatives

Tokenize Malaysia obtains approval after a nine-month probationary term

Tokenize Malaysia, a cryptocurrency trading platform provider, has obtained necessary approval from domestic securities regulators after a nine-month probationary term.

With the permission to run a Digital Assets Exchange, Tokenize Xchange, the company’s crypto trading platform, has received legal endorsement and will be overseen by the Securities Commission (SC) of Malaysia. The exchange lists fiat-to-digital asset pairs for trading.

Malaysian rules necessitate that domestic cryptocurrency exchanges enroll with the SC, after which they will be given nine months to meet compliance criteria set by the regulator.

Hong Qi Yu, CEO and CTO of Tokenize Malaysia, stated that “We are now able to go ‘live’ in Malaysia and it is perfect timing –- as we have received many interested enquiries from individuals aged 24 to 50 years old who are keen to invest in digital assets.”

Last June, the SC enrolled the company, in addition to Luno Malaysia and Sinegy Technologies. Luno, at that time, informed that the aforesaid three cryptocurrency exchanges were the only approved cryptocurrency exchanges to operate in Malaysia.

The SC implemented the Capital Markets and Services Order 2019 on January 15th, 2019. The regulation categorizes cryptocurrencies, tokens, and other digital currencies as securities, listing them under the purview of the Securities Commission’s authority.

Private sector initiatives

GM submits patent application for a navigation program

General Motors (GM) has submitted a patent application for a navigating map program that updates continuously. The program uses blockchain technology to infer data from vehicle sensors and create a trustworthy map for driverless vehicles.

As per the filing, which was made on October 1st, 2018, and published on April 2nd, 2020, current maps are “difficult to keep dynamic without incurring large costs.”

General Motors’ solution is to share the procedure with several vehicles, which would obtain info about the prevailing environment through sensors as they move from one place to another. The live data would be matched with a divergence detector, which verifies the current maps.

Details regarding any variation are shared with a blockchain network that secures all the map info. The “candidate transaction” is then verified if any other vehicle sends similar data. The patent indicates that the network would be preserved by vehicles and mining nodes situated in data centers. The use of blockchain enables the map generation process to be shared between vendors.


ShapeShift facilitates US clients to purchase cryptos with a debit card

ShapeShift, Switzerland based cryptocurrency exchange, is facilitating its US-based clients to purchase Bitcoin (BTC) and Ether (ETH) with a debit card with the updated platform of the exchange.

The details about the new facility were made public through a tweet by Eric Voorhees, founder of ShapeShift: “If you’re in the US, you can buy Bitcoin instantly in the new platform with your debit card. You can literally have the Bitcoin, in your possession, five minutes from now.”

ShapeShift’s latest platform does not necessitate account verification to buy cryptocurrencies. Voorhees pointed out that even the Know-Your-Customer (KYC) process is not required because the platform never gains control of clients’ funds. As cryptos get transferred on a P2P basis, between wallets of parties involved in transactions, there is no need to implement KYC procedures.


BIS sides with CBDCs and virtual payments

The Bank of International Settlements (BIS) has published a document siding with central bank digital currencies (CBDCs) and virtual payments against the backdrop of COVID-19 pandemic. The document released by the BIS, a 600-member global financial institution symbolizing the central banks of 60 nations, suggests central banks to look at the option of creating CBDCs in view of worries about the spread of coronavirus via prevailing payment systems.

The document highlights a considerable negative impact on consumer behavior while utilizing cash in response to the World Health Organization’s (WHO) caution about the spread of coronavirus disease through banknotes.

Even though the BIS reflects WHO’s worries, the report emphasizes that the threat of COVID-19 contraction by touching PoS terminals and keypads is higher: “Scientific evidence suggests that the probability of transmission via banknotes is low when compared with other frequently-touched objects, such as credit card terminals or PIN pads.”

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.


Andrew Wright

Prior to founding in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.

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