Category: Australia

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Australia Crypto News

Australian Crypto Lender, Helio has Established a US Branch

Australian Crypto Lender, Helio has Established a US Branch

The Australian leading cryptocurrency-backed lending company, Helio Lending, is expanding its operations in the United States and would be tapping from the flourishing crypto lending business in the country. The company precisely announced in a publication on Thursday that it has established a branch in a US state. Additionally, it hired one of the popular crypto experts and advisors, Min H. Kim, to spearhead the operations in the country. 

Helio Expands Crypto Lending to the US

Launched in 2018, Helio is reportedly the first independent crypto-related company operating in Australia. It’s regulated and operates with the Australian Credit Licence. Having gained prominence by building a unique and propriety platform for Australians to obtain loans with their digital currencies, the company is looking to step up its service, starting with the United States crypto market. As reported, Helio established its US headquarters in San Francisco.

Following the establishment of the US branch, the chairman of John O’Shea, said they look “forward to a mutually rewarding endeavor as we enter 2021 with some solid momentum and a crypto-lending industry that is bursting at the seams.”

According to the report, Ms. Kim will oversee Helio operations in the United States, its digital currency loan portfolio, and business partnerships. She will be responsible for drafting and managing the company’s daily activities. With rich experience in cryptocurrencies and other related services, Ms. Kim said she is a “firm believer that crypto collateralized lending is here to stay as one of the fastest-growing mainstream use cases.”

Helio Prepares for US Growth

Aside from hiring the former Director of Marketing at Huobi U.S., Ms. Kim, the company seemingly has plans to perform better in the country. According to O’Shea, “the Company has engaged counsel to perform exploratory due diligence on a possible change of control transaction through which Helio Lending would potentially merge with a US publicly listed company and become the majority shareholder.”

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Australia Bitcoin Cryptocurrencies

One In Five Australians Now Own Bitcoin — BTC Makes AU$ 1M In Returns Compared To Super Funds

The Australia-based Independent Reserve Cryptocurrency Index (IRCI), an Exchange and yearly survey panel published a new report today on how Australians are embracing cryptocurrencies and digital assets. According to the survey, one in five Australians owns crypto, with Bitcoin being the favorite cryptocurrency among all.

The data shows that while Bitcoin remains the leader among digital currencies — with a market capitalization 5x greater than its nearest competitor, Ethereum — in Australia, XRP is the second most popular crypto, only surpassed 3x by BTC.

Aussies Viewing Crypto As A Store Of Value

Back in 2016, the IRCI opened an account for Self-Managed Super Funds, with a total of AUD 41,000 invested into Bitcoin — making more than AUD 1M, a return of 90%.

But the super funds Prime Super and Unisuper could barely make it to 9.9% in returns over a five year period.

“I chose to invest in crypto as I believe in the future and direction of this asset class. I’ve enjoyed taking control of my financial future and have watched my portfolio grow (especially of late). I believe that thanks to my investments in crypto I will be able to retire earlier and live a comfortable life in retirement.”

Stated a respondent named Tony, 46, South Australia.

Likewise, respondents under 45 years old confessed they would like their industry super fund to invest in crypto such as Bitcoin. But no retail or industry superannuation promotes cryptocurrency investment currently.

Source: Indepent Reserve

Currently, Australians owning crypto are holding Bitcoin: 74%, XRP (28%), Ethereum (27%), Bitcoin Cash (17%), Litecoin (15%), other tokens: (8.5%).

Awareness And Adoption Of Crypto

This year, the awareness and adoption of crypto-assets have grown considerably. By 2020, 91.4% of Australians have heard of at least one cryptocurrency, an increase of 90.3% compared to 2019’s survey.

Likewise, almost one in five Australians have adopted crypto as a better store of funds than gold or any other asset. The ownership by age is led by 25 – 40 years old. This age group was more likely to trade more than $500 per month.

Victoria is the leader among crypto-ownership on the eastern side with 20 %. New South Wales is behind with 19.50 %, and Queensland at 16%. But the highest ownership percentage in Australia is on the northern territory, with 22% owning some crypto.

At the time of writing, Bitcoin is priced at 30,592 AUD (USD 23,255). Payment companies such as Paypal, financial institutions like Grayscale, and famous millionaires like the Winklevoss brothers have propelled the value of Bitcoin, whilst increasing its popularity among the mainstream media.

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Australia Crypto News Cryptocurrencies Investing

Australian Fund Managers vs General Population – Who’s More Optimistic About Crypto?

Bitcoin recently broke the all-time high. In a country like Australia, where 91.4% of respondents to a survey stated that they were aware of at least one cryptocurrency, opinions are naturally split.

General Public Optimistic Despite Some Bearish Asset Managers

Although some investment management firms such as the Pendal Group are optimistic on Bitcoin – with management at the firm considering Bitcoin a better investment than government bonds, other financiers have a less optimistic approach.

“Bitcoin is a cockroach that exists. They can’t ban it out of existence.

We think ultimately that government bonds will turn into a dead asset class, so we now have to imagine what it will be like for other assets classes when bonds are no longer relevant to hold in a portfolio.”

Geoff Wilson – the chairman and founder of Wilson Asset Management – stated that despite being enthusiastic about blockchain technology, he did not see Bitcoin in the same light, considering it a risky investment.

“As an investment, it is extremely volatile and appears to be easily manipulated. Thus it is not a prudent investment, it is not strategic for us as an investor and in our view, it is not sustainable.”

Other fund managers were even more bearish on Bitcoin and cryptocurrencies in general, with one Aussie financier saying that when wanting a good punt, he preferred to visit a casino.

Meanwhile Jamie Hannah – the deputy head of investments at VanEck – has found a middle-of-the-road-solution by listing a Bitcoin exchange-traded note in Germany. This allows investors to purchase Bitcoin-related funds without having to invest in crypto themselves.

This decision came following a noted increase in interest by clients of the firm, even when advised against it – after all, 2 out of 5 Aussies consider Bitcoin a good investment, and over 18% are in possession of crypto tokens.

It’s worth noting however that investors such as JPMorgan and Goldman Sachs have also been dismissive of crypto in the past – and had a change of heart. Like any investment, crypto may have its detractors – but only time will tell who is right.

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Australia Blockchain Industries

Australian Wool Trading On Blockchain

On the 16th of December, Indorama Ventures Public Company Ltd. created and executed a Letter-of-Credit transaction with Techwool Trading PTY Ltd.

The deal was carried out with Indorama’s subsidiary active in the wool business, Indorama Holding Ltd.

Credit Approved

A Letter of Credit is a document that guarantees payment from one company or financial institution to another – but only once the seller meets all the terms and conditions stipulated within the contract.

The Letter of Credit was executed on the Contour blockchain – and is the first transaction of its kind for both companies involved.

For this transaction, both companies did away with the multitude of secondary tools usually necessary for trades of this type. HSBC Thailand took care of the banking for both sides and acted as an advisor for the transaction.

According to Mr. Krisda Phatchoroen – the Head of Commercial Banking at HSBC Thailand – the HSBC fully believes in the power of blockchain to make commerce better for everyone.

“We are pleased to be able to support IVL’s endeavors in digitizing its trade finance processes. HSBC believes that the use of technologies like blockchain and the Contour platform in particular will serve businesses well, especially in this restrictive environment brought about by the COVID-19 pandemic. Digitization is the way forward and we are glad to support IVL to successfully adopt this technology for their business.”

Indeed,  2018 predictions from Bain & Company suggest that the use of blockchain technology in order to increase security could lead to an increase in global trading volumes of over $1 trillion by 2026.

The UN has also predicted that tossing out current trade practices in favor of digital ones could slash export SLAs in the Asia-Pacific (APAC) region by 44% – as well as reducing costs by 31%.

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Australia Cryptocurrencies Scams

New Leads On Crypto Scam Targeting Australians Using Celebrities

Since 2018, a crypto scam has been using the faces of Australian celebrities without authorization in order to scam people into buying cryptocurrency.

Although the cryptocurrency requested by the scammers is not much – the requested first investment generally amounted to $250 – the scammers used these investments to harvest information such as credit card info and contact information of people looking to invest into cryptocurrencies – which indicated the fact that they probably had plenty of resources that could be targeted.

Fraud On A Massive Scale

Dick Smith, Chris Hemsworth, David Koch, Waleed Aly and Andrew Forrest – all celebrities whose images have been used without permission by scammers on a massive scale.

Even though Google say they remove around 5000 fraudulent advertisements a minute, scammers running massive operations sometimes slip through the cracks anyhow.

The Guardian had some of these ads running on their site through no fault of their own – and have started an investigation that has given investigators a possible lead on the case.

After intentionally signing up for the scam, they were sent to a bitcoin trading service named bitcoin-Up and redirected to another platform, named Gtlot.

The Guardian reporters than received a call from a man attempting to get them to sign up, claiming governments were looking to phase out paper money due to COVID, so it was time to get on board.

Although it is true that many governments – Australia, China and the USA among them – are looking into CBDCs, there seem to be no indicators of such a bold move.

After some sleuthing, the Guardian reporters managed to purportedly link many of the fraudulent websites to 5 people operating out of Moscow – although some information points to a second operational center in Ukraine.

A spokeswoman for the ASIC has said that although they are doing their best to fight the scammers off, it is much harder to do so when the bad actors are based abroad, due to the limitations of international law.

“In some cases, we’ve been able to trace these ads, the majority of which seem to be based overseas, despite creating the impression that they’re operating from Australia by using local addresses and phone numbers on their websites. Any data we have gathered we don’t make this public.”

The fight against online bad actors will be around for a while – but staying safe in the crypto space can be achieved with a few easy tips and the use of your better judgement.

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Australia Cryptocurrencies Industries

Banxa Listed On The Canadian Stock Exchange

Banxa – an Australia-based payment infrastructure provider centered around cryptocurrency should launch on the TSX Venture Exchange on the 25th of December, with a market cap of nearly $50 million.

The TSX Venture Exchange is the Canadian venture capital marketplace for companies new to the market. The TSX Venture Exchange is run by the TMX Group, which also manages the TSX Venture Exchange’s so-called older brother, the Toronto Stock Exchange.

Binance and OKEx Partner

Following the listing approval granted by Canadian financial regulators in the first days of December, the payment infrastructure provider should be able to sell shares on the Canadian market by the end of the month.

Among the partners that Banxa supports are well-known cryptocurrency exchanges such as Binance, OKEx, Abra, Kucoin, and ShapeShift.

A company focused on delivering payment solutions that are compliant with the regulations of governments around the world for services running crypto wallets, crypto exchanges, and just about anything in between.

Domenic Carosa – the founder and chairman of Banxa – expressed his pride in his team, noting that it is the first time in history that a crypto PSP is listed on a public exchange. In January, Banxa secured $2 million in funding from investors keen on joining the planned expansion of Banxa into even more international markets.

“Our TSX [Ventures] listing … will make Banxa the first crypto payment service provider to be listed in the world, bringing well-needed transparency and governance to the crypto sector.”

Although the trading of Banxa assets should commence on the 25th of December, it’s safe to say that Christmas came early for those who helped secure the funding for this bold, first-of-its-kind move.

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Australia Bitcoin Blockchain

Australian MetaStreme To Improve Blockchain Technology With RouterSV

MetaStreme, an Australian e-wallet and Bitcoin interface platform, recently proposed a new project prototype called “RouterSV” — a tool that will be designed to improve network security by publishing the traffic logs on the Bitcoin blockchain.

How Does It Work?

RouterSV uses the Syslog standard to send data logs collected in routers and other network devices to the Bitcoin SV ledger. According to MetaStreme’s director, Paul Chieri, by publishing the log files, the transaction records would become permanently auditable, and allow network administrators to share valuable data records with each other.

RouterSV takes logs collected by a router or other network devices and stores them to a syslog server which then writes that data to the BSV ledger. Syslog is a commonly used protocol by routers, servers, switches, and other network devices. It allows the collection of system and security logs of multiple devices to be collected into a single database.

Stated Paul Chieri to Coingeek

In a recent interview, Chieri stated that the company is already using its own system to publish the traffic logs to the BSV blockchain. The director added that RouterSV is under design, and it’s an open project if people experienced with Syslog records are interested in joining in its development.

MetaStreme is powered by Bitcoin SV (BSV) protocol – which enables other programs to interact with the BSV network through an API (Application Programming Interface) — a software intermediary that allows two applications to interact with each other.

Bitcoin SV (Satoshi Vision) originated from a hard fork from BTC Cash. The result is a cryptocurrency with its own separated blockchain. The BSV network has a number of advantages, such as scalability — with bigger blocks of 128MB, lower fees, and better network development.

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Australia

Gallantree Partners Aussie Exchange to Offer Crypto Trading

Gallantree Partners Aussie Exchange to Offer Crypto Trading

A fintech company in Australia, Gallantree, is looking to include cryptocurrency trading in its suite of financial services, according to a report on Friday. Based in Brisbane, the fintech has reportedly partnered with Aussie digital currency exchange, Elbaite, to allow residents in the country to purchase and sell many cryptocurrencies. This is quite a milestone as it further broadens access to cryptocurrency in the Australian market.

Gallantree is Preparing to Debut Crypto Services

Gallantree already provides investors in the country with investment opportunities in private banking, stockbroking, etc. By adding cryptocurrency to the list, the company intends to expand investment opportunities to the public, not just the “one percent” financial elite. Having inked a partnership deal with Elbaite exchange, Gallantree will provide the option to buy, sell, and hold digital currencies in a very secure manner. 

Both companies understood the need for adequate security of the assets, and pledged to provide a risk-mitigated venue for clients to trade cryptocurrencies securely, yet at a low cost. While highlighting the need for asset security, the CEO of Elbaite said many investors are aware of the benefits associated with holding digital currencies, especially Bitcoin (BTC). However, it’s a wearisome thing to do because of the poorly managed risks.

Crypto Risks are Keeping Investors Away

One of the challenges with holding cryptocurrency is the fact that it can be hacked from exchanges with a lax security system. Last year, hackers stole more than US$4 billion worth of digital currencies from trading platforms. Kraken and KuCoin are two other major exchange that has been hacked. With adequate security, however, many exchanges are free from hacks. 

“The challenge for any astute investor entering into the digital asset world is often in the form of security. They see the upside, yet no fund manager would risk their reputation and investor capital on an investment that has a high chance of being hacked and the funds disappearing,” said Clive Kay, the managing director at Gallantree.

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Australia Crypto Exchange Crypto News Monero

Hard Times Continue For Privacy Coins

A few days ago, LiteBit – a smaller cryptocurrency exchange based in the Netherlands – announced it will be delisting Firo (formerly known as zcoin).

This is only the latest in a string of delistings for privacy coins, with Bithumb, Shapeshift, and other exchanges dropping currencies like Monero within recent memory.

Regulatory Pressure

The delisting of privacy coins is generally a result of smaller exchanges not having the legal and financial resources to explain their risk mitigation strategy to banks – which unfortunately tends to give the idea that privacy coins are simply not compliant with AML standards, according to Firo project steward Reuben Yap.

Japan and South Korea are leading the charge when it comes to the delisting of privacy coins – and Australian exchanges have also been undergoing significant pressure from banks, forcing many exchanges to delist, even if the people behind the exchange may not agree with the policy.

 Alex Harper – the CEO of Swyftx – criticized the pressure exerted by banks when it comes to privacy coins.

“While we do not fully align with the hard-line response of banning all privacy-related coins, we will continue to work proactively with our partners and regulators to reduce criminal activity and advance the crypto industry in the most effective ways.”

Even within the European Union, where privacy is a much larger concern – as evidenced by the enactment of the GDPR, heavy restraints set on big tech like Google, Apple and Facebook and more – certain countries, such as France and the Netherlands – have also been recommending a ban on privacy coins.

However, Reuben Yap remains positive about the future of privacy coins.

“Privacy coins will continue to face opposition and challenges along the way, which will heat up as cryptocurrencies start becoming more mainstream. However, just as VPNs, Tor, HTTPS, and end-to-end encrypted messaging are now considered standard protection tools, privacy technology in cryptocurrencies will be considered commonplace, too.”

For now, the conflict over privacy coins is still somewhat limited to smaller exchanges – but due to the nature of privacy coins and their fans, the demise of privacy coins seems unlikely.

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Australia

Australia Records 21 Bitcoin ATMs as Global Installation Nears 13,000

Australia Record 21 Bitcoin ATMs as Global Installation Nears 13,000

Since the launch of the first set of Bitcoin Automated Teller Machine (ATM) seven years ago, the number of these machines installed around the world has been growing with every proceeding year. This somewhat corresponds to the growth and adoption of cryptocurrencies. According to the information by Coin ATM Radar, the number of Bitcoin ATMs is nearing a total of 13,000. Although the number has been steadily making new all-time highs (ATH), this year holds the biggest records ever. 

The majority of these machines were installed within this year, making access to digital currency like Bitcoin (BTC) even more convenient and easy. 

Global Bitcoin ATMs Installation Reaches New High 2020

According to Coin ATM Radar, there are currently 12,951 Bitcoin ATMs available around the world. Not only Bitcoin; these machines also make it easier for digital currency investors to purchase and sell other cryptocurrencies such as Ether (ETH), Bitcoin Cash (BCH), etc. Aside from exchanges, investors can choose to exchange fiat for crypto and vice versa using these machines with a similar experience as bank/fiat currency ATMs.

On January 1, there were only 6,374 Bitcoin ATMs existing worldwide. However, the number has increased significantly, adding up by 6,577 so far to the current record which is close to 13,000. This represents about 103 percent growth on a year-to-date chart. Judging by the year’s installation rate, the number of Bitcoin ATMs are most likely to surpass 13,000 before the end of the year.

Australia Sees 21 Bitcoin ATMs Installed

So far, there are currently 21 cryptocurrency ATMs in Australia. These machines are installed in only five cities in the country – Adelaide, Brisbane, Launceston, Melbourne, and Sydney. Melbourne sees the highest number of Bitcoin ATMs (10), followed by Sydney (7).  

Meanwhile, the United States and Canada are topping the list as the countries with the highest number of crypto ATM installations globally. The US records around 10,707, while Canada has 1,052 crypto ATMs.