TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. VanEck and SolidX to launch ETF-like institutional product. The Netherlands announces new crypto rules. Hong Kong protesters adopt P2P messaging apps. FanDuel on boards BitPay as bitcoin payment processor. Venezuelan insurance company now accepts bitcoin cash, and Bitfinex introduces 100x leverage trading.
VanEck And SolidX Will Debut Limited ETF for Institutional Customers
Despite the numerous SEC postponements of each ETF proposal, the idea of a Bitcoin ETF is still being studied by several startups. Now, the duo of VanEck and SolidX will issue ETF shares for a number of qualified institutional investors by way of Rule 144A of the Securities Act of 1933. VanEck’s head of ETF products, Ed Lopez claimed “there continues to be steady demand from institutional investors seeking access to a cleared product that offers the price return of Bitcoin,” despite the SEC concerns about the market.
Netherlands Announces New Batch of Crypto Rules
The Bank of Netherlands announced a new set of cryptocurrency regulations that will start being applied in January. Under the new rules, every cryptocurrency service provider will have to identify itself. The statement reads in parts how “firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”
Hong Kong Protesters Abandon Telegram for P2P Alternatives
Hong Kong protesters relied upon Telegram to organize their encounters and plan actions, but after the disclosure of a bug allowing authorities to get the real phone number of Telegram group participants, protesters migrated to less potentially dangerous options. Even now that the bug has been patched, organizers are using P2P based chat apps like Bridgefy and FireChat, platforms relying on a Bluetooth mesh of clients locally intertwined, passing messages from client to client to reach desired recipients.
Users Will Be Able to Deposit Bitcoin on FanDuel Thanks to BitPay
FanDuel, one of the most important fantasy sports providers and bookmakers, is partnering with BitPay, one of the biggest cryptocurrency payment providers, to allow customers to make deposits in bitcoin. “NFL Football is one of the most popular sporting events to watch and the start of the football season makes it a perfect time to introduce Bitcoin to these fans,” BitPay CEO Sonny Sing declared. Users who register for the first time and deposit at least $10K in bitcoin will earn a 10% bonus up to $2K.
Venezuelan Insurance Company Starts Accepting BCH
First auto insurance plan purchased with Bitcoin Cash at SefiSeguros!
Pay with BCH at 12 locations across Venezuela.
— 𝕄𝕒𝕥𝕥 𝔸𝕒𝕣𝕠𝕟 (@mattaaron) September 3, 2019
Venezuela is surely becoming a hotbed for cryptocurrency adoption, as more and more businesses are using cryptocurrencies for payments. SefiSeguros, a company that offers car insurance services for drivers all across the country, sold its first insurance plan purchased with bitcoin cash. The company will now accept BCH in their 12 locations, making it easier for customers to pay while protecting their savings from huge devaluation and inflation rates hitting the country.
Bitfinex Introduces 100x Leverage Trading
Bitfinex, a Hong Kong-based cryptocurrency exchange, introduced 100x leveraged margin trading for BTC and ethereum vs tether pairs. This is a controverted move because with 100x leverage a trade can be liquidated over even a slight price fluctuation of 1% in any direction. Previously, the exchange allowed leveraging of only slightly more than 3x. Bitfinex CTO Paolo Ardoino stated they were “excited about the possibilities for creating new, previously unavailable products through our new platform.”
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