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Binance exchange partner Simplex rolls out Tether to euro offramp

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Simplex, a major crypto-to-fiat payments provider, is adding another fiat offramp to enable its partner exchanges like Binance and Huob to sell major stablecoin Tether (USDT) to the euro.

According to an Oct. 29 announcement, Simplex has rolled out new Tether (USDT) offramps across its partner network including major exchanges like Binance, OKEx and Huobi.

A Simplex representative told Cointelegraph that the latest development marks the first time when the sell option is enabled for Tether on Simplex, stating:

“USDT has been available to purchase through our partner network for a while but ‘cashing out’ and selling directly in this currency were not […] But the sell option right now is only to euro, but buy is enabled with 50 fiat currencies.”

With the new crypto-to-fiat offramp, Simplex’s partner companies can immediately add the new feature for their users worldwide, the firm’s executives said. “Simplex enables anyone to sell USDT and convert it into euro — using our bank account via our partner network users can transfer those funds anywhere in the world,” the spokesperson noted.

To date, Simplex’s partner network includes over 200 services including crypto exchanges, brokers and wallets. Alongside centralized crypto platforms, Simplex’s partner network also includes companies like MakerDAO — a major player in decentralized finance, or DeFi.

The world’s largest stablecoin, USDT surged almost 300% in 2020 in terms of market capitalization, starting the year with a market cap of $4 billion and rising up to nearly $16 billion in October. According to an recent report by Bloomberg, Tether could surpass Ether’s (ETH) market cap by the end of 2021, becoming the second-largest crypto after Bitcoin (BTC).

Source: https://cointelegraph.com/news/binance-exchange-partner-simplex-rolls-out-tether-to-euro-offramp

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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This Legacy Crypto has the “Largest Bullish Divergence Ever,” Claims Analyst

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Litecoin is the epitome of what investors describe as a “legacy LTC had seen some intense gains, with buyers pushing its price from lows of under $50.00 to highs of nearly $100.00 before it met some serious resistance that slowed its ascent.

Despite it being overshadowed by Bitcoin and having limited development activity, it is still a popular asset for traders to use due to its high liquidity.

Many believe that the addition of it to PayPal’s suite of supported crypto assets will help usher in a rush of “no-coiner” money into the asset, which may be why its price has risen over the past few days and weeks.

One trader is now noting that the cryptocurrency is forming one of the largest bullish divergences he has ever seen while looking towards its Bitcoin trading pair.

Litecoin Consolidates as Crypto Market’s Momentum Falters

At the time of writing, Litecoin is trading down over 6% at its current price of $83.77. This marks a decline from recent highs of over $90.00, but it is important to note that it also marks a serious rally from its recent lows of $64.00.

The cryptocurrency’s recent volatility has come about due to an influx of derivatives trading activity from traders who are banking on fresh retail money being directed to “legacy” altcoins like LTC.

LTC Forms Massive Bullish Divergence, Claims Analyst

One analyst explained that Litecoin is poised to see a serious push higher in the near-term due to the formation of an incredibly bullish divergence seen while looking towards its Bitcoin trading pair.

He pointed to this in a recent tweet, noting that it is the “largest bullish divergence” he’s ever seen within the crypto market – a sign that massive upside could be right around the corner.

“LTC paired with BTC has the largest bullish divergence I’ve ever seen for crypto. Let’s go,” he said while pointing to the below chart.

Litecoin LTC Crypto

Image Courtesy of CryptoBirb. Source: BTCUSD on TradingView.

As long as the legacy altcoins like XRP and Litecoin continue pushing higher, there’s a strong possibility that it will soon break $100 and see another leg up.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/analysis/ltc/this-legacy-crypto-has-the-largest-bullish-divergence-ever-claims-analyst/

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