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September 20, 2021

Cryptocurrency usage and trading are experiencing a boom in India, and most of this growth is coming from small cities. According to reports from local exchanges, the growth has been exponential. The profile of these new participants has also been interesting, as they are highly educated, not only focused just on bitcoin, and are open to diversifying their portfolios with more exotic offerings.

Crypto Grows in India’s Small Cities

Cryptocurrency usage and trading are being embraced by Indian citizens as a way of investing and gaining additional money after the Covid-19 pandemic, according to reports from regional media outlets. But what’s more interesting is that this growth is even bigger in small cities, where interest in cryptocurrency is reportedly peaking.

A local exchange, Wazirx, reported amazing levels of new customers coming from these small cities, that are classified as tier-2 and tier-3 cities. The exchange reported users signups from these cities have grown by 2,648%. Wazirx CEO, Nischal Shetty, told the India Times that:

Tier-2 and tier-3 cities have driven almost 55% of total user sign-ups on Wazirx in 2021, thereby overtaking tier-1 cities, which demonstrated a sign-up growth of 2,375%.

The locations of new users are changing, alongside the profiles of new crypto investors.

Investor Profile Changing in India

This new influx of people to the crypto environment in India is changing the profile of the average cryptocurrency investor. Most of the new blood is less than 35 years of age and has some type of degree. Reports from local exchanges confirm that more than 90% of the new investors are IT professionals, MBA graduates, engineers, and startup owners.

This has contributed to the diversification of investments patterns seen today in Indian crypto markets. These new traders are more inclined to move from investments like ethereum and bitcoin to new technologies like decentralized finance (defi) and NFTs. NFTs are being pushed hard by some exchanges, that already feature native markets to profit from purchases and sales of these instruments.

Wazirx’s CEO stated that they have sold over $108K in NFTs using their native market. This might not seem like much, but it is a market that is still growing. Exchanges are booming with activity, even with all the regulatory woes that the country has faced regarding cryptocurrencies and the legality of digital assets in the country. This growth in the demand for crypto has moved exchanges to offer new products, including peer-to-peer (P2P) markets, to avoid the oversight of regulators.

September 20, 2021

Bitcoin.com, in line with its vision to support ‘economic freedom,’ is refocusing its efforts on non-custodial, or ‘self hosted,’ crypto products, including exchange. Therefore, the Bitcoin.com Wallet, which is fully non-custodial and provides users with direct access to public blockchains like Bitcoin, Bitcoin Cash, and Ethereum will be the company’s flagship product going forward.

What’s the non-custodial model?

When you take possession of your assets, it means there’s no need to request approval from a middleman to send or receive your money, and no need to rely on third parties to hold your assets on your behalf.

You also have full control over the fees you pay to miners and validators when sending crypto or interacting with smart contracts – and you are able to interact with smart contracts! That means (in the very near future via Bitcoin.com) you’ll have access to, for example, decentralized finance applications that enable you to earn passive income.

What is ‘economic freedom?’

Bitcoin.com defines economic freedom as the ability for individuals to freely acquire and use personal resources however they choose, both independently and in cooperation with others. We assert that it is a vital component of human dignity and a fundamental human right.

How can I take control of my crypto?

If you don’t already have the Bitcoin.com Wallet app, the first step is to install it on your mobile device. Then, it’s a simple matter of sending your cryptoassets from the centralized exchange to your self-hosted (non-custodial) wallets. Since you – and only you – will be in control, it’s essential that you back up your wallets and keep on top of password-management best practices.

Swapping, the non-custodial way

The Bitcoin.com Wallet empowers anyone in the world to connect to a range of swap providers and decentralized exchanges. To swap, for example, BTC > ETH, you just tap the swap button and follow the simple instructions. Behind the scenes, your cryptoassets will change hands on public blockchains and you’ll end up holding the swapped funds in your wallet.

Can I use the Bitcoin.com Wallet on desktop?

Yes. The Bitcoin.com Wallet is a multi-platform application available on iOS, Android, and via web browsers at app.bitcoin.com. You’ll just need to have the Bitcoin.com Wallet installed on your device and an account created. Then, go to app.bitcoin.com, sign in via Google or Apple, and your wallets will be automatically synced across devices.

What’s happening to Bitcoin.com’s custodial exchange?

Bitcoin.com Exchange has for years provided an important custodial trading experience – and the company recognizes that custodial exchange services continue to play an important role in the crypto economy. For now, however, Bitcoin is focusing on development of the Bitcoin.com Wallet, which enables users to take control of their funds while unlocking powerful new ways to use their cryptoassets.

Users of the Bitcoin.com Exchange will have their accounts automatically migrated to FMFW.io and can rest assured their assets are safe

September 20, 2021

Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency’s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets “better clarity of the situation,” management said on September 17, 2021.

Tracking of Parallel Market Rates ‘Undermining’ Nigerian Economy

Abokifx’s decision came shortly after the end of the CBN’s monetary policy committee meeting on the same day. In his remarks to journalists following the meeting, governor Godwin Emefiele accused the publisher of the tracking site, Oniwinde Adedotun, of carrying out an “illegal activity that undermines the economy.”

In addition, Emefiele suggested that the CBN was now tracking down Adedotun whom it accuses of “publishing arbitrary rates without contacting Bureaux de Change.”

However, in its own statement, Abokifx rejects the allegations the site is orchestrating the naira’s fall on the parallel market. The statement explains that Abokifx, which was established in 2014, is doing what it was set up to do — conducting market research and gathering data on the parallel market rates.

In a direct response to Emefiele’s allegations, Abokifx also denies that some of its personnel are fueling the naira’s freefall. The statement explained:

Abokifx purely provides benchmark parallel rate information which helps guide users in almost 200 countries across the world. Abokifx does not trade forex, which we have always maintained in our emails and social media platforms.

Abokifx Accounts Not Yet Closed

Furthermore, Abokifx insists in the statement that it neither trades forex nor has the power to manipulate rates. Instead, the rate tracking site only publishes what it sources on the streets of Lagos and according to what was gathered on September 17, the naira had plunged to a new low of N570 versus one U.S. dollar.

Abokifx claims that “outside the media allegation,” it has not received “any communication from any government body and our accounts are not closed as stipulated in the media.” It is unclear whether the CBN actually plans to apprehend Adedotun who is believed to be in the United Kingdom.

Do you agree with what Emefiele has said about Abokifx? Tell us what you think in the comments section below.

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TAGS IN THIS STORY

Abokifx, Black Market, Central Bank of Nigeria, Godwin Emefiele, Monetary Policy, naira depreciation, naira exchange rate, naira parallel market, Oniwinde Adedotun

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitcoin.com Doubles Down on Non-Custodial Model

Bitcoin.com, in line with its vision to support ‘economic freedom,’ is refocusing its efforts on non-custodial, or ‘self hosted,’ crypto products, including exchange. Therefore, the Bitcoin.com Wallet, which is fully non-custodial and provides users with direct access to public blockchains like Bitcoin, Bitcoin Cash, and Ethereum will be the company’s flagship product going forward.

What’s the non-custodial model?

When you take possession of your assets, it means there’s no need to request approval from a middleman to send or receive your money, and no need to rely on third parties to hold your assets on your behalf.

You also have full control over the fees you pay to miners and validators when sending crypto or interacting with smart contracts – and you are able to interact with smart contracts! That means (in the very near future via Bitcoin.com) you’ll have access to, for example, decentralized finance applications that enable you to earn passive income.

What is ‘economic freedom?’

Bitcoin.com defines economic freedom as the ability for individuals to freely acquire and use personal resources however they choose, both independently and in cooperation with others. We assert that it is a vital component of human dignity and a fundamental human right.

How can I take control of my crypto?

If you don’t already have the Bitcoin.com Wallet app, the first step is to install it on your mobile device. Then, it’s a simple matter of sending your cryptoassets from the centralized exchange to your self-hosted (non-custodial) wallets. Since you – and only you – will be in control, it’s essential that you back up your wallets and keep on top of password-management best practices.

Swapping, the non-custodial way

The Bitcoin.com Wallet empowers anyone in the world to connect to a range of swap providers and decentralized exchanges. To swap, for example, BTC > ETH, you just tap the swap button and follow the simple instructions. Behind the scenes, your cryptoassets will change hands on public blockchains and you’ll end up holding the swapped funds in your wallet.

Can I use the Bitcoin.com Wallet on desktop?

Yes. The Bitcoin.com Wallet is a multi-platform application available on iOS, Android, and via web browsers at app.bitcoin.com. You’ll just need to have the Bitcoin.com Wallet installed on your device and an account created. Then, go to app.bitcoin.com, sign in via Google or Apple, and your wallets will be automatically synced across devices.

What’s happening to Bitcoin.com’s custodial exchange?

Bitcoin.com Exchange has for years provided an important custodial trading experience – and the company recognizes that custodial exchange services continue to play an important role in the crypto economy. For now, however, Bitcoin is focusing on development of the Bitcoin.com Wallet, which enables users to take control of their funds while unlocking powerful new ways to use their cryptoassets.

September 20, 2021

An AT&T customer filed a lawsuit against the company last week accusing it of failing to provide “reasonable and appropriate security to prevent unauthorized access to its customer wireless accounts.” This has led to the theft of cryptocurrency from the plaintiff’s crypto exchange account.

AT&T Sued by Crypto Investor

An AT&T customer, Jamarquis Etheridge, filed a lawsuit in the district court for the Southern District of Texas against AT&T Inc. and AT&T Mobility LLC Wednesday.

Etheridge, a resident of the U.S. state of Texas, has been a customer of AT&T since 2009. He claims to be a victim of “SIM swapping,” also known as “SIM hijacking.” SIM swapping is a common scam that AT&T is no stranger to. The company was involved in a bigger case involving this scam last year with crypto investor Michael Terpin.

The court document filed by Etheridge’s attorney, Richard E. Brown, states that on or about Sept. 10, 2020, AT&T “allowed wrongdoers access to plaintiff Etheridge’s wireless account and, without his authorization,” alleging:

AT&T was unable to contain this security breach until the next day, enabling wrongdoers to drain plaintiff Etheridge’s cryptocurrency exchange account.

He further alleges that “AT&T was well aware of the pervasive harm posed by SIM swapping,” as the company previously issued public advisories warning customers of the industry-wide threat of this type of scam.

Etheridge also said that AT&T assured customers that it was exercising adequate measures to prevent unauthorized SIM swapping from happening to its account holders. Nonetheless, the court document reads:

AT&T engages in practices that … fail to provide reasonable and appropriate security to prevent unauthorized access to its customer wireless accounts, allowing unauthorized persons to be authenticated and then granted access to sensitive customer wireless account data, including access and control over 159.8 ethereum tokens.

After the incident, the price of ether reached more than $4,200 per coin, the court document notes. At the time of writing, the price of ETH has fallen to $3,338.

The plaintiff claims that as a result of AT&T’s actions or inactions, he has suffered and continues to suffer actual damages, including the loss of 159.8 ETH, lost time, embarrassment and humiliation, aggravation and frustration, fear, anxiety, financial uncertainty, unease, emotional distress, and various expenses.

In addition to seeking “compensatory and equitable relief restoring him” to 159.8 ETH, he also seeks relief for statutory damages, treble damages, punitive damages, award for attorney fees and reimbursement of all costs, “pre-and post-judgment interest on any amounts awarded,” and any other relief the court deems just and proper.

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