Binance Stops accepting FIAT in Singapore | Bitcoin News 27/09/21

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Bitcoin News: 27th September 2021

  • Binance prohibits both cash deposits and spot crypto trading for Singapore customers.
  • Cardano will work with Coti to create a new DeFi stablecoin.
  • The seizure of a mining rig in Abkhazia failed to stop the mining.
  • PortAventura in Spain will be the first amusement park to accept Bitcoin payments.
  • Cardano Ecosystem Gets $100 Million to Support DeFi and NFTs
  • APENFT Joins Forces With Tron’s Cool Cats

Binance Stops accepting FIAT in Singapore

For clients in Singapore, Binance has made certain adjustments to its crypto trading services.

Singapore-based users will be geo-fenced from some account features on the website, according to a message posted on the website on Monday.

Fiat deposits, crypto spot trading, liquid swap, and crypto purchases via fiat channels will no longer be available to Binance customers in Singapore.

Binance users in Singapore have been advised to stop all relevant operations impacted by the news and remove their fiat and crypto holdings to prevent any conflicts, according to the latest order.

Binance Stops Accepting Fiat In Singapore | Bitcoin News 27/09/21
Binance Stops accepting FIAT in Singapore

Binance’s newest limitation on its clients in Singapore was announced on Monday. Binance originally pulled down several of its product offerings in the city-state, as Cointelegraph previously reported.

Following concerns from the Monetary Authority of Singapore that the platform had broken local payment rules, the crypto exchange behemoth banned Singapore dollar-denominated crypto trading. In August, a similar step was taken in South Korea, with the site suspending Korean won-denominated trade.

Users in Singapore are also unable to download Binance’s mobile platform from the Google and Apple app stores.

Binance has scaled up its customer identity compliance processes in order to smooth out these regulatory creases.

Cardano has Partnered with Coti to create a new DeFi stablecoin

On the Cardano blockchain, a new stablecoin will provide a mechanism for decentralised finance (DeFi) activities while avoiding transaction costs.

Cardano creator Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced Sunday at the Cardano Summit that Coti, Cardano’s payment gateway provider, will be the official issuer of Djed, a new DeFi-focused stablecoin for the Cardano network.

To maintain price stability and provide an instrument for DeFi transactions, the new stablecoin will be built on an algorithmic design employing smart contracts. The stablecoin will be used to pay transaction fees on the Cardano network, avoiding “volatile and expensive gas prices” and lowering transaction costs.

Binance Stops Accepting Fiat In Singapore | Bitcoin News 27/09/21
Cardano x Coti

Djed’s stablecoin protocol, according to a research paper published in August, would act as a “autonomous bank that buys and sells stablecoins at a price in a range that is tied to a target price.” The stablecoin will function by minting and burning different stable assets and reserve coins while keeping a reserve of base currencies.

Coti recently collaborated with Ardana, Cardano’s stablecoin hub, to offer decentralised stablecoin payments to AdaPay, a Cardano (ADA) payment gateway that supports over 30 fiat currencies.

The seizure of a mining rig in Abkhazia failed to stop the mining

Many people in Abkhazia’s self-governing area have turned to crypto mining to create new currencies in order to increase their income. The increased usage of mining equipment, however, has put strain on the electrical infrastructure. According to Levan Melbonia, chairman of the board of directors at the Inguri power plant on the Georgia-Abkhazia border, cryptocurrency mining rigs can cause a 60-90MW increase in power consumption, contributing to a total annual consumption of two billion kWh, which is 10 to 15% more than what should be consumed.

Binance Stops Accepting Fiat In Singapore | Bitcoin News 27/09/21
The seizure of a mining rig in Abkhazia failed to stop the mining

Following an informal 1997 agreement, Georgia and Abkhazia divide the power generated by the Inguri hydroelectric power project 60 percent to 40 percent.

For many years, the price of electricity in Abkhazia has been low, with the most recent announced cost for families being 0.4 Rubles per 1 kWh, resulting in an inflow of foreign miners into the region, particularly from neighbouring Russia.

However, Abkhazia’s distribution system has seen better days, and most of the power is wasted. Furthermore, the hydroelectric plant, which receives energy from mainland Russia via a 220kW and 500kW connection, was recently shut down for maintenance, resulting in blackouts.

PortAventura in Spain will be the first amusement park to accept Bitcoin payments

PortAventura World, a Spanish entertainment and leisure park, would be the first in its sector to provide bitcoin payments to its customers. The project would begin the next season and would enable crypto payments at the resort’s hotels at first.

Furthermore, Todos Medical, a medical diagnostics and solutions firm, has joined the bitcoin bandwagon by allowing its patients to buy wellness goods in digital assets.

According to a press release, PortAventura World, a prominent theme and leisure park, is creating software that will provide a new cryptocurrency option for its customers.

Binance Stops Accepting Fiat In Singapore | Bitcoin News 27/09/21
PortAventura Amusement park in Spain will Accept Bitcoin

Guests of the resort’s hotels will be able to pay for their accommodations in bitcoin beginning in January 2022. PortAventura World’s Managing Director, David Garca Blancas, stated that the firm strives to stay up with the newest trends and the growing demand for cryptocurrency choices. As a result, he expressed optimism that the effort will “meet the demands of the visitors.” PortAventura is one of Europe’s major entertainment destinations, located in Catalonia, Spain. 

While PortAventura would be the first theme park to join the bandwagon, its hotels would not be the first to accept digital currency purchases.

Cardano Ecosystem Gets $100 Million to Support DeFi and NFTs

Emurgo has announced that it would donate $100 million to a Cardano blockchain fund focusing on DeFi, NFTs, and education.

Emurgo, Cardano’s commercial arm, will invest $100 million in blockchain-based crypto businesses.

The upgrade was revealed during the Cardano Summit 2021. Emurgo will use the funds to expand Cardano’s ecosystem as part of the effort. The company will focus on assisting DeFi and NFT businesses, as well as launching Cardano-centric education programmes.

Binance Stops Accepting Fiat In Singapore | Bitcoin News 27/09/21
Cardano x Emurgo

Emurgo founder and CEO Ken Kodama said the funding will help the company “accelerate the growth of the Cardano ecosystem.”

Emurgo has previously invested in a number of Cardano initiatives, including Milkomeda, which is an EVM-compatible sidechain.

Emurgo’s finance initiative will operate alongside Input Output’s cFund, a capital venture fund for network strategic investments. Project Catalyst, a community-run decentralised fund with over $1 billion in an on-chain treasury, is another option.

APENFT Joins Forces With Tron’s Cool Cats

The APENFT Foundation is stepping up its support for promising and new non-fungible token initiatives on the Tron network. Tron Cool Cats, a spin-off of the Ethereum-based collection, has announced a new strategic partnership with the firm.

Tron Cool Cats will benefit from continuing marketing and product development help as a result of this new collaboration. APENFT has been boosting up its attempts to discover such art collections in the quickly growing Tron NFT landscape ecology, after the recent launch of a $100 million fund committed to investing in high-quality NFT projects.

Binance Stops Accepting Fiat In Singapore | Bitcoin News 27/09/21
APENFT + CoolCats Tron

The APENFT Foundation is a curatorial effort dedicated to introducing non-fungible tokens representing emerging and tier-one art on the blockchain. Despite the fact that it has only been operational for a short time, the firm has already helped to fund some of the Tron network’s most popular and fastest-selling NFT collections, such as Tpunks and Tron Meebits. APENFT also holds over $30 million in digital art from the world’s best crypto artists, Beeple and Pak.

Tron Cool Cats is preparing to launch its own marketplace, where cat enthusiasts will be able to buy, sell, and bid with complete market transparency. Meanwhile, NFT collectors still have time to get their hands on these small but possibly priceless animals.

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