News
OpenFX raised $94 million in a Series A round to expand its stablecoin-based FX network, as firms explore faster cross-border payment infrastructure.
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Forex News
Forex, or the foreign exchange market, is a market for trading currencies. The forex market is the largest market in terms of trading volume and determines the foreign exchange rate. Forex trading includes the buying, selling and exchanging of currencies for the currently determined prices, which are provided by forex brokers — the intermediaries that allow for the purchases of currency with additional transaction fees. Bitcoin forex trading is a new opportunity provided by some forex brokers that is gaining popularity among high-risk traders, due to the high volatility that provides the chance to gain a much larger profit than any fiat currency can provide. It is interesting to point out that — as Bitcoin has an uncertain legal status and is sometimes considered to be a good or asset and not a currency — forex trading with Bitcoin is in an unstable position. However, the inclusion of Bitcoin in the current forex market is a big step for the cryptocurrency industry.
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The platform is aimed at capturing a fraction of the more than $9.6 trillion in daily trading volume in the foreign currency exchange market.
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Data observed across 66 corridors in Africa shows conversion costs from 1.5% to 19% in January, with competition driving pricing gaps.
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South Korea’s stablecoin debate remains stalled as the central bank raises concerns over capital flows, issuer oversight and US dollar-linked risks.
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The new feature gives select users access to traditional market derivatives, with positions margined and settled in USDt during a limited test phase.
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Banco Central do Brasil’s new framework brings crypto companies under banking-style oversight, extending AML and FX rules to stablecoins.
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Ripple has completed its acquisition of Hidden Road, a move that will expand its fintech services for institutional clients and boost the utility and reach of its RLUSD stablecoin.
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Stablecoins offer a cheaper, faster alternative to legacy global payments systems, the popular investor said at Consensus.
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Kraken continues expanding product offerings beyond cryptocurrencies in a bid to become a one-stop shop for online market trading.
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Argentina has emerged as the top market by numbers of visitors on Binance, one of the world’s largest crypto exchanges.
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The country has struggled with an unstable currency for years, but now it will have one backed by reserves three times larger than its issuance.
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China’s Supreme People’s Procuratorate has warned that using Tether as a medium of exchange between local and foreign currency is illegal.
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The latest bust is another salvo in China’s war on capital flight — which some believe is the real reason behind the country’s continued ban on cryptocurrencies.
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The move reduces the likelihood of artificial price differences between the naira and cryptocurrencies in different markets.
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If initial tests are successful, the firms will expand their activities into tokenized credit issuance and equities.
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