Russian Gazprombank opens Bitcoin trade in Switzerland

The Swiss subsidiary of the major Russian bank has also joined OpenVASP.

Gazprombank Switzerland is a subsidiary of the major Russian bank of the same name and is now offering Bitcoin (BTC) transactions as part of a pilot project after receiving approval from the Swiss regulatory authorities.

According to an announcement on 19 November, Gazprombank will offer its new crypto-currency solution in cooperation with Bitcoin Rush its long-standing partners. These include the Fintech company Avaloq and the crypto-custodian Metaco.

Roman Abdulin, the CEO of Gazprombank Switzerland, said that the new offering is designed to make crypto transactions „as easy as transactions with traditional assets“:

„Digital assets will become increasingly important for our customers and the global economy. We look forward to working with leading Swiss companies to further develop the Swiss and global crypto and blockchain ecosystem“.

In addition to the first BTC transactions, Gazprombank Switzerland also announced that the bank had joined the OpenVASP association. This is a major industry association focused on compliance for virtual asset management companies (VASPs).

Gazprombank Switzerland is the first banking institution

OpenVASP was founded at the end of 2019 and is designed to help VASPs comply with the recommended rules of the Financial Action Task Force. These rules are known as the „Travel Rule“ and are designed to combat money laundering. According to the announcement, Gazprombank Switzerland is the first banking institution in this association. Large industry companies such as the Swiss crypto-broker Bitcoin Suisse and the local crypto-bank Sygnum are also members of OpenVASP.

At the end of October 2020, Gazprombank Switzerland received a licence from the Swiss Financial Market Supervisory Authority and can now offer crypto-custody and trading services to its institutional and corporate clients. Gazprombank Switzerland, which is a wholly owned subsidiary of Gazprombank, has been working towards crypto services in Switzerland since at least 2018.

Other Russian banks also intend to offer crypto and block chain services abroad. In September 2020, Sberbank, Russia’s largest state-owned bank, joined a block chain platform for commodity trade financing through its Swiss subsidiary.

Crypto services abroad are currently very attractive for Russian banks. The Russian legislator in the country itself is increasingly restricting the crypto industry. In addition to an official crypto payment ban in 2021, the Russian authorities also want to introduce prison sentences if annual crypto transactions amounting to about 600,000 US dollars are not declared.

COVID-19 ha stimolato un maggior numero di organizzazioni

COVID-19 ha stimolato un maggior numero di organizzazioni no-profit ad accettare il crypto

Le entità no-profit potrebbero sfruttare un mercato non sfruttato di sostenitori semplicemente permettendo donazioni criptate.

Negli ultimi tre anni, un numero crescente di organizzazioni no-profit ha iniziato ad accettare donazioni basate su criptodoni. Secondo Alex Wilson, co-fondatore della crypto donation gateway Bitcoin Bank The Giving Block, la pandemia COVID-19 ha spinto questa tendenza più in là che mai.

Le misure di prevenzione della pandemia hanno cominciato ad accelerare nel marzo del 2020, causando la chiusura delle attività e le turbolenze economiche per molti. Sia le imprese che le organizzazioni non profit hanno dovuto affrontare notevoli perdite di fatturato una volta che il virus ha preso piede.

„È interessante notare che negli ultimi sei mesi circa, COVID è stato in realtà un catalizzatore piuttosto importante per le organizzazioni no-profit che accettano il crypto, perché molti di loro stanno cercando modi diversi per compensare le perdite di fatturato, ma anche per diversificare le loro entrate in cose nuove come il crypto“, ha detto Wilson al Cointelegraph in un’intervista.

Anche se supportato da COVID-19, un certo numero di nonprofit ha iniziato ad accettare attività a catena nel mercato euforico dei tori di crypto nel 2017. „Molte persone erano essenzialmente alla ricerca di modi per compensare le loro imposte sulle plusvalenze, soprattutto negli Stati Uniti“, ha detto Wilson, continuando:

„Uno di questi modi era in realtà quello di donare crypto in beneficenza, tranne che ho notato che la gente voleva donare alle organizzazioni no-profit, ma la maggior parte di loro [le organizzazioni no-profit] non avevano idea di come accettare crypto“.

Per risolvere questo problema, Wilson e il suo amico Pat Duffy hanno unito le loro capacità e le loro risorse per costruire un comodo sistema di criptodonazione-cancellazione. „Quel tipo di agevolazione fiscale era davvero una tendenza di guida dietro di essa, o una motivazione di guida dietro di essa“, ha detto Wilson.

„Abbiamo lanciato l’azienda solo l’anno scorso [2019], quando l’abbiamo lanciata pubblicamente, e ora lavoriamo con circa 100 diverse organizzazioni no-profit“, ha spiegato Wilson.

Le donazioni Crypto agiscono come una porta verso un mercato separato e non sfruttato di potenziali sostenitori, ha detto Wilson

Ha spiegato che „la maggior parte delle organizzazioni no-profit tendono ad avere donatori più anziani e stanno cercando modi per entrare in contatto con i donatori più giovani, iniziare a costruire relazioni più lunghe con i donatori più giovani, e Crypto è stato uno di questi modi“.

Wilson ha anche detto che l’azienda non si limita a fornire un nuovo metodo di pagamento per i suoi sostenitori:

„Una cosa bella delle donazioni cripto è che si tratta per lo più di donatori completamente nuovi per loro, quindi non è cannibalizzare altre loro altre forme di donazioni esistenti. È un flusso di entrate completamente nuovo per loro“.

Nello spazio criptato esistono diverse soluzioni di pagamento, alcune delle quali convertono i beni digitali nella valuta nazionale predeterminata del destinatario al momento del pagamento. Quando un’azienda si integra con The Giving Block, può scegliere se vuole mantenere la sua donazione criptata o convertirla in una più tradizionale valuta fiat. Secondo Wilson, „il 90% dei nostri clienti opta per la conversione automatica perché sono ancora un po‘ preoccupati dalla volatilità“.

Decentralized Horror: Roundup of DeFi’s Nightmares of the Year

DeFi has been the driving force behind all things crypto in 2020.

BeInCrypto dug into DeFi nightmares, flash loan scares, smart contract code chills happened this year.

Some have made some sort of profit, but a few have been completely „destroyed“, and that’s where the bad things come in.

Crypto Engine has undoubtedly been the driving force behind all things crypto this year, but it hasn’t been without its share of horror stories.

Since the season lends itself to it, we’ll dig into DeFi nightmares, flash loan scares, smart contract code thrills, hideous hacks, spooky scams, and terrifying “rugpulls” this year.

Let’s start with the DeFi voucher …

Before we dive into the dark depths of DeFi depravity, let’s start on a positive note. If 2017 and 2018 were the year of ICOs, 2019 was the year of stablecoins, 2020 was definitely the year of decentralized finance.

Billions of dollars in crypto collateral have poured into a rapidly expanding array of decentralized exchanges, automated market makers and liquidity pools, as traders and investors seek better returns on their digital assets.

Since the start of 2020, that figure, known as the Locked-In Total Value (TVL), has jumped nearly 2,000% to $ 12 billion in October . This surge in crypto collateral has made other milestones possible, such as the highest amount of Wrapped Wrapped (or Tokenized) Bitcoin (BTC) at over 147,000 BTC, and nearly 8% of the entire offer of Ether (ETH), or 9 million ETH, locked in DeFi protocols.

DeFi tokens were the best performers of the year, although many corrected heavily over the past month. A few people with big bags already made bigger fortunes, a lot of people made some sort of profit, but a few were completely „destroyed“, and that’s where the bad things come in.

And the bad starts with bZx

The first quarter of 2020 has been a bit quiet for DeFi, but TVL crossed the billion dollar mark for the first time in early February, which was also the same month as the industry’s first high-profile exploits.

The bZx margin lending and trading protocol was the first serious casualty of 2020 with two flash lending exploits that resulted in the loss of nearly $ 1 million in user funds. The malicious actor successfully exploited a low-liquidity Uniswap marketplace to complete a single trade, known as a flash loan, to make a profit of around $ 350,000. A second attack in the week resulted in the loss of an additional $ 600,000 in ETH from bZx, which suspended operations following the exploit.

The exploits created a wave of criticism from DeFi detractors and Bitcoin maximalists at the time, who said that the fact that bZx was able to freeze the platform in both attacks showed that it was ultimately acted as a centralized platform.

Creator of “Black Thursday”

DeFi markets were bubbling well until mid-March, when the global financial and crypto markets collapsed in the wake of the escalating Covid-19 pandemic. Ethereum, which serves as the backbone of the DeFi industry, fell 55% in less than a week, leading to a day dubbed „Black Thursday“ for MakerDAO, the world’s leading DeFi protocol, at the time. .

The Black Swan event resulted in the massive liquidation of the vast majority of Maker Chests, resulting in an under-guarantee of around $ 4 million in Dai. No code was exploited, but many safe deposit box owners lost all warranties, leading to both a class action lawsuit against the Maker Foundation and a management poll to compensate victims. The stability fee has been adjusted and the Dai savings rate has been set at zero, it still has not moved from that level.