Bitcoin is 10 today: To celebrate, Quidax is giving N10,000 to 100 new users

Bitcoin is 10 today:  To celebrate, Quidax is giving N10,000 to 100 new users

Quidax is giving N10,000 to every 10th user that signs up on the exchange. A total of 100 new users will receive N10,000 to buy bitcoins and other cryptocurrencies today.

On this day in 2008, Satoshi Nakamoto published a paper aimed at offering an alternative to the traditional banking system. It was this paper that has led to what is now known as Bitcoin, an easy and seamless way to send payments over the internet. The paper was published during one of the worst financial crises the world had ever seen. It was said to have been published in reaction to the financial crisis.

To celebrate this day in history, Quidax, a European based cryptocurrency exchange will give N10,000 to every 10th user that sign up to the platform. The Quidax platform enables users to buy and sell bitcoin and other cryptocurrencies seamlessly using their local currencies.

How to participate

  1. Sign up
  2. Follow us on Twitter, Facebook, Instagram
  3. Every 10th new user gets N10k

T&Cs apply, good luck.

Cryptocurrencies will revolutionise Remittance and Payments – Quidax CEO

Cryptocurrencies will revolutionise Remittance and Payments - Quidax CEO

On Tuesday, the Chief Executive Officer of Quidax, Buchi Okoro stated that cryptocurrencies like Ripple (XRP) can be used to increase liquidity for remittance businesses while reducing the cost per transaction to customers.

In a panel discussion at the 7th Remittance and Payment Expo that held on the 23rd and 24th of October at Oriental Hotel in Lagos. Buchi said that Quidax was not in competition with remittance or payments platforms, but instead in collaboration with them, as using cryptocurrencies like Ripple will increase liquidity and effectiveness to remittance businesses.

He added that partnering with platforms like Flutterwave, Paga and other remittance and payment systems could reduce the cost per transaction to consumers, cut transaction time and even lower operating costs. Explaining he said that remittance businesses usually needed to have security deposits in the countries they operate in, however, using a cryptocurrency like XRP this could potentially be eliminated. According to him in a matter of microseconds, the currency of the originating country would be converted to XRP, sold on the exchange for the currency of the destination country with the end user receiving the money in their bank account in seconds.

On the panel with Buchi were the Growth Lead, Remittance at Flutterwave, Etimbuk Bassey and Co-founder and Director of Business Development at Paga, Jay Alabraba.

In his speech before the panel session, Buchi shared how overwhelming the traction in Nigeria has been, with a lot of activity coming from the Ripple pairs which are mostly used for remittance because of the speed of settlement at around 25 seconds. Also, Quidax is looking to integrate XRapid a payment and international transfer product from Ripple which would efficiently power remittances and cross-border payments using XRP as a bridge.

At the expo, Buchi stated that there were a couple of reasons why people were suspicious of cryptocurrencies namely the fear of being ostracised and the possibility of cryptocurrencies crashing. According to him while some of these fears could not be erased completely, however, people are too focused on speculation. “It would be a lot more mind-blowing to consider the positives and opportunities cryptocurrencies offer us today; instant settlements and greatly reduced costs of financial transactions”

 

The Quidax CEO concluded saying that like every new technology, there were bound to be some resistance just like when the bicycle and the car were first introduced however the road ahead is still long and the innovations would continue well into the future.

 

The 7th Remittance and Payment Expo was themed ‘Unlocking Opportunities in Money Transfer and Payment systems in Africa’ and it was organized with the intention of deepening remittance and payment ecosystems in Africa. In attendance were top executives from financial services companies, regulators, mobile network operators, and fintech startups.

About Quidax

Quidax is a European based digital assets exchange that provides an easy platform for users to send, receive, buy and sell, digital currencies including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Bitcoin Gold using their local currencies.

Quidax, Commits to Educating People on Blockchain and Cryptocurrencies

Quidax Says Cryptocurrency is the Future, Commits to Educating People on Blockchain and Cryptocurrencies

Quidax, Commits to Educating People on Blockchain and Cryptocurrencies

At the recently concluded Abuja Blockchain and Artificial Intelligence Roundtable (ABAR), which held on the 19th and 20th of October, Quidax, a Europe-based cryptocurrency exchange, called on the event’s attendees to position themselves to take advantage of the bounty the world blockchain and AI promises.

In his presentation, Buchi Okoro, CEO at Quidax, spoke about the importance of understanding cryptocurrencies as investors and business executives as it is the currency of the future.

According to Buchi, Quidax had been set up to enable people easily buy and sell cryptocurrencies with their local currencies with the higher goal of providing liquidity and tools to power cross-border remittance to and from emerging markets.

Quoting an email newsletter from renowned businessman and author, Robert Kiyosaki, Buchi stated that “Crypto is the future. It’s not a matter of “If” crypto will take down the entire financial world, it’s just a question of “when.”

Buchi stated that one of their objectives at Quidax was to increase the level of understanding about cryptocurrency and blockchain in Nigeria, shedding light on why they were glad to be a part of the event.

“We have been proud to partner with the organizers of Abuja Blockchain and Artificial Intelligence Roundtable and will ensure that we continue to develop and seek new partnerships that will increase the understanding of cryptocurrency and blockchain in Nigeria” he added.

In his conclusion, Buchi stated that there is a need for regulations to bring sanity to the space and protect the general populace but in the absence of that Quidax has taken steps as a responsible corporate citizen to protect its users and increase the level of awareness about cryptocurrencies.

The roundtable brought together players in Blockchain and Artificial Intelligence, the banking sector, industry players and government functionaries. The objective was to go beyond the hype about cryptocurrencies and provide a framework for thinking about what the convergence of Blockchain and Artificial Intelligence would mean to Nigeria’s economic prosperity agenda.

About Quidax

Quidax is a Europe-based digital assets exchange that provides an easy platform for users to send, receive, buy and sell, digital currencies including Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, and Bitcoin Gold using their local currencies.

Quidax : Top Digital Assets Exchange in Nigeria

Quidax : Top Digital Assets Exchange in Nigeria

A European based company called Quidax launches her digital assets exchange in Nigeria. Their story dates to 2016 when the founders came together to create a platform that will leave a dent in the world of finance and their goal is to give opportunities to as many that want to be a part of a great story of wealth circulation.

They are launching with a trading platform which guarantees a simple, secure and seamless interface that allows users to buy and sell cryptocurrencies. At launch, Quidax will allow users buy and sell 6 cryptocurrencies, expanding to over 20 in the next 3 months. This instantly makes Quidax the largest exchange operating in Africa by the sheer number of choices available to users. These assets include Ripple, Litecoin, Bitcoin, Ethereum, Bitcoin Gold, and Bitcoin cash.

Unlike most exchange platforms, Quidax takes away the tedium of running between minimised phone apps while transacting and offers users a buffet of assets to buy and sell. The all-in-one benefit of the platform has seen users trooping en mass to sign up for trades on their platform.

According to the CEO Africa, Buchi Okoro, “having taken into consideration the problems besetting the current global financial landscape, the mission of Quidax is to challenge the status quo, to push humanity forward and thus, the exchange is a step towards our goal of breaking down financial barriers and increasing opportunities to wealth creation”. The company would also engage heavily in blockchain and cryptocurrency education to increase the level of understanding in Nigeria, something that is lacking today.

If you are looking for an easy way to trade cryptocurrency, then your best days are here already. For more information, follow their social media pages: Instagram, Facebook and Twitter. You can also check out their website.

New Zealand Q3 GDP Climbs 0.6% On Quarter

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New Zealand’s gross domestic product expanded 0.6 percent on quarter in the third quarter of 2017, Statistics New Zealand said on Thursday.

That was in line with expectations and up from the upwardly revised 1.0 percent increase in the three months prior.

“Construction activity recovered this quarter, unwinding the previous two quarterly falls,” national accounts senior manager Gary Dunnet said. “This reflected higher construction-related investment, with investment in infrastructure and residential buildings also reporting strong increases.”

Service industries, such as care and residential care, services, and arts and recreation also contributed to growth.

Household spending was up 0.9 percent, driven by spending on durable goods, and services. Spending on durable goods increased 2.3 percent, due to increased spending on audio-visual equipment (such as televisions and consumer electronics), clothing, furniture and furnishings, and used cars.

Household spending on services increased 0.8 percent this quarter, with households spending more on recreational and sports services.

GDP per capital increased 0.2 percent this quarter, following a 0.5 percent increase in the June quarter.

Annual GDP growth for the year ended September 2017 was 3.0 percent – beating forecasts for 2.4 percent and up from 2.8 percent in Q2.

The size of the in current prices was NZ$278 billion.

DOLLAR LITTLE CHANGED DESPITE DATA DELUGE

Image result for DOLLAR LITTLE CHANGED DESPITE DATA DELUGE

The dollar turning in a mixed performance against its major rivals Thursday afternoon, but remains little changed overall. Traders were confronted by a high volume of economic reports this morning and are preparing for another data deluge tomorrow. Durable goods orders, personal income, new home sales and consumer sentiment are all slated for Friday morning.

Economic activity in the US unexpectedly grew at a slightly slower than previously estimated rate in the third quarter, according to a report released by the Commerce Department on Thursday. The report said real gross domestic product surged up by 3.2% in the third quarter compared to the previously estimated 3.3% jump. Economists had expected the pace of growth to be unrevised.

A report released by the Labor Department on Thursday showed a bigger than expected increase in first-time claims for US unemployment benefits in the week ended December 16th. The report said initial jobless claims climbed to 245,000, an increase of 20,000 from the previous week’s unrevised level of 225,000. Economists had expected jobless claims to rise to 234,000.

After reporting a bigger than expected slowdown in the pace of growth in regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing the pace of growth unexpectedly rebounded in the month of December.

The Philly Fed said its diffusion index for current general activity climbed to 26.2 in December from 22.7 in November, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to drop to 21.5.

Suggesting solid economic growth will continue into the first half of 2018, the Conference Board released a report on Thursday showing a slightly bigger than increase by its index of leading US economic indicators in the month of November.

The Conference Board said its leading economic index climbed by 0.4% in November after jumping by 1.2% in October. Economists had expected the index to rise by 0.3%.

The dollar has climbed to around USD1.1870 against the Euro Thursday afternoon, from an early low of USD1.1889.

French manufacturing confidence declined unexpectedly in December, survey results from the statistical office Insee showed Thursday.

The business climate in manufacturing remained very favorable in December, although the composite index dropped to 112 from 113 in November.

Meanwhile, economists had expected the index to remain stable at 113.

The buck rose to an early high of USD1.3330 against the pound sterling Thursday, but has since retreated to around USD1.3380.

The UK budget balance showed its smallest November deficit in a decade, largely due to higher tax income.

Public sector net borrowing excluding public sector banks, decreased GBP 0.2 billion to GBP 8.7 billion in November, data from the Office for National Statistics showed Thursday.

This was the lowest November net borrowing since 2007. The expected level was GBP 9 billion.

UK consumer confidence fell to a four-year low in December as Brexit uncertainty, higher inflation and interest rate hike by the Bank of England weighed on the assessment of personal finance, survey data from GfK showed Thursday.

The survey suggested that the confidence level is set to drop further next year.

The consumer confidence index dropped one point to -13, the lowest since December 2013. The score was forecast to remain at -12.

The Bank of Japan maintained its aggressive monetary easing, as widely expected, as inflation remains well below the 2% target.

Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion, the bank said in a statement on Thursday.

The bank will purchase government bonds so that the yield of 10-year JGBs will remain at around zero %.

The board also decided to maintain the -0.1% interest rate on current accounts that financial institutions maintain at the bank.

The greenback reached a high of Y113.637 against the Japanese Yen Thursday morning, but has since eased back to around Y113.365.

Copyright RTT News/dpa-AFX

Bitcoin’s rise is no joke, it is a sign of the failure of financial services

Bitcoin’s rise is no joke, it is a sign of the failure of financial services

Bitcoin’s surge past $17,000 late last week reinforces an important economic theory: a rapidly-expanding asset bubble will always draw a crowd. But it should also reinforce fears about a situation that is not limited to a few foolish retail punters and a few swashbuckling hedge funds. This is a crisis for financial services.

The cryptocurrency’s rise is a source of much hilarity for most of finance, reminding us that you can always count on dumb money. But financial institutions — exchange operators, derivatives clearing houses and others —have now joined the party, taking a slice of business from bulls and bears alike. Today, Cboe Global Markets began allowing investors to trade bitcoin futures, and the CME Group will follow suit on the 18th.

As a result some are worried about whether bitcoin could present a systemic risk. The phrase ‘next Lehman Brothers’ has been tossed around with willful abandon, by observers including Interactive Brokers chairman Thomas Peterffy, whose company is one of the US’ largest derivatives traders. Peterffy took out a full page advert in the Wall Street Journal to demand that regulators force any organisation clearing bitcoin derivatives to be ring-fenced from other types of derivatives clearing.

“Cryptocurrencies do not have a mature, regulated and tested underlying market,” Peterffy wrote. “The products and their markets have existed for fewer than 10 years and bear little if any relationship to any economic circumstance or reality in the world.”

He is wrong, on two counts.

Firstly, the idea that bitcoin could present a risk to the financial system itself is laughable. The financial crisis was prompted by a huge repricing of risk; the near-religious belief that the US housing market was safe as, er, houses — held by almost all of the financial industry — was suddenly challenged. But those selling bitcoin options are under no illusions that it could implode in minutes. In that sense, it is more like an emerging market currency that is one half of a hedge fund’s carry trade, and the world doesn’t end every time a heavily leveraged shop blows itself up on a wrong-way bet.

There is a reason why exchanges are demanding investors hold 35% of the value of their futures contracts in cash with the exchanges — far higher than other assets. They have no illusions about the risks involved in handling an asset that is about as volatile as nitroglycerin.

Peterffy is also wrong about bitcoin’s relationship to the real world. In fact, its rise is finance’s existential problem in microcosm: when the financial crisis burned investors and required gigantic taxpayer bailouts, the effect was that retail money fled from traditional investments, and asset managers say it has been slow to come back. While the S&P 500 has returned 269% since 2009, a report in late 2016 by the CFA Institute found nearly a third of all investors were predicting a market crash within three years. BlackRock chief executive Larry Fink estimates there could be as much as $55tn uninvested.

But while institutions have now decreased their cash allocations to 4.4% – the lowest reported cash levels since 2013 – according to a fund manager survey by Bank of America Merrill Lynch in November, the climate of fear among retail investors remains very real.

Liz Ann Sonders, chief investment strategist for US wealth manager Charles Schwab, told the New York Times last month that retail investors have nowhere near the commitment to stocks that they did in past booms. One investment adviser quoted in the piece said that he had pleaded with clients to put money into the stock market, but that all they wanted to know was when the next crash would come. “No one ever asks me when the S&P is going to blow past 3,000,” he said.

A great many people simply do not trust the financial services industry to look out for their interests, and with so much money still “on the sidelines,” it is fair to assume many people believe bitcoin to be more trustworthy than the stock market.

When it blows up, they will despise bitcoin too. But that is not a problem. The fact that they apparently despise the finance industry, so much that many of them would shun a simple mutual fund in favour of bitcoin — whose annualised volatility against the US dollar is a whopping 97% — is a serious problem.

There is only reportedly around $200bn in digital assets, which is small compared with the wider markets. But the existence of that cash, and its stubbornness in staying out of equity markets despite a record-setting bull market, is proof that something is still terribly wrong in the world of finance. Many asset managers believe that retail investors will eventually overcome their post-crash fears and get back in the game. History suggests as much. But if this time really is different, the next challenger to traditional finance — one that could be less volatile and more of a sane investment — will be harder to ignore.

For now, the financial services industry can go on and laugh as the rubes eagerly line up to surrender their hard earned money to hackers and short-term traders who are likely making millions exploiting the arbitrage opportunities among the various quoted prices. But remember that their rising fortunes are just further proof of finance’s falling ones.

Vanguard successfully tests blockchain for market data

Index provider issued data to the funds using the distributed ledger technology to reduce human error

Vanguard, the $5tn asset manager, has completed a blockchain technology project to provide a range of its index funds with up-to-date market data.

As part of a pilot project lasting several months, the world’s second largest asset manager used the distributed ledger technology, which underpins cryptocurrency bitcoin, to feed funds with market information and eliminate the need for manual updates.

Currently, the transmission of index data, such as changes to important company information, relies on multiple parties and distribution channels. It can also often require manual updates, which increases the risk of human error occurring.

Vanguard partnered with the University of Chicago Business School’s Center for Research in Security Prices — the indices of which Vanguard uses for the funds trialling the new technology — and New York-based technology provider Symbiont for the project.

During the testing phase, CRSP distributed daily index data to 15 Vanguard funds through Symbiont’s blockchain platform.

Warren Pennington, a principal in Vanguard’s Investment Management Group, said: “Using this platform, investment managers will be able to instantly distribute, receive and process index data, resulting in better benchmark tracking and significant cost savings that potentially results in better returns for our clients.”

Vanguard’s blockchain pilot comes as other investment giants begin to explore the benefits of using the technology.

AQR, the $208bn quantitative hedge fund, recently told Financial News it is looking into the potential uses of blockchain for trading, while Dutch pension funds APG and PGGM are working on a project to use the technology to reduce the cost of back-office administration.

In February, Northern Trust and IBM built a blockchain to modernise the administration of a private equity fund managed by Unigestion.