Category: Cryptocurrencies

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Australia Bitcoin ChainLink Cryptocurrencies Ethereum Investing Litecoin

New Report Reveals The Six Coins Aussie’s Are Holding In Their Crypto Portfolios

A recent report shows what cryptocurrencies Australians are holding in their portfolios. Over 1,000 Australians were interviewed, interesting revealed that the northern territory is the largest holder of digital assets compared to the other states.

What Coins Are Aussies Hodling?

Not surprisingly, the most popular asset held is Bitcoin (BTC). One surprise though was although Ethereum (ETH) is the second most popular crypto by market cap, more Australians are holding Ripple (XRP).

  1. Bitcoin: 74%.
  2. XRP (Ripple): 28%
  3. Ethereum: 27%.
  4. Bitcoin Cash: 17%
  5. Litecoin: 15%
  6. Chainlink: 5.2%
  7. Others 8.5%

While these are currently the most popular in the average Aussie portfolio, other tokens amounted to a total of 8.5%. Interestingly, the crypto held by Australians mostly resembled the actual order by market cap, similar to that of a “crypto index”.

Millennials Are Making The Most Out Of Crypto

The report also suggests, adults between the ages of 25 and 45 consider cryptocurrencies as savings for their future. At least 18 % of Australians own some token, and 2 out of 5 consider it a good investment.

About 42.7% of those interviewed said they increased their capital by making successful investments in the cryptocurrency market. In contrast, only 20% have lost money. Last year, only 35% of those surveyed increased their wealth.

Cryptocurrencies in Australia are more popular among the youth. However, Australians who have increased their wealth the most are adults between 45 to 50 years old.

From: Independent Reserve

Australians Are More Positive About Crypto in 2020

Above all, the survey has reflected a more positive attitude towards digital assets in Australia for 2020. Bitcoin has gained more attention in these last few months, breaking all time highs. This marks a milestone in the history of BTC — which could attract more people looking for more diversity in their financial investment portfolios.

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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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Blockchain Cryptocurrencies Institutions

Banca Generali To Introduce Cryptocurrency Services In 2021 As More Financial institutions Embrace Cryptocurrencies

State and private financial institutions are embracing Bitcoin instead of gold, as traditional fiat devalues and cryptocurrencies are becoming better stores of value. Just recently, Banca Generali, a major private bank in Italy, announced its plans to introduce cryptocurrency services in 2021, by providing their customers cryptocurrency custody.

Generali announced on December 15 a new corporate and commercial partnership agreement with Conio, a fintech firm that serves over 150,000 cryptocurrency portfolios for its customers. The bank is injecting $14 million into Conio’s capital as well.

We predict that the future structure of financial markets will be influenced by blockchain technology, which continues to enable innovation in cryptocurrencies and many other areas of the financial ecosystem.

Stated Generali CEO, Gian Maria Mossa.

Banks Embracing Cryptocurrency

Globally, banks are turning their views towards cryptocurrencies and blockchain technology, considering the tremendous growth that crypto has had in the finance realm these last months.

Even some central banks, like the Bank of England and the Federal Reserve, are considering integrating cryptocurrency services alongside traditional systems into their services — although to a more limited extend at first.

Recently in Switzerland, Sygnum, a major cryptocurrency bank, had successfully tokenized its shares — using a tokenization platform called Desygnate.

We are excited to be the first bank in the world to tokenize our shares. This is an important milestone towards fulfilling our mission of creating more direct and efficient access to ownership and value. This includes new engagement models with our clients and partners, and ultimately providing liquidity for our trusted shareholders.

Mathias Imbach, co-founder of Sygnum and CEO at Desygnate.

Even the CEO of JP Morgan, Jamie Dimon, suggested that gold could “suffer for years” now that institutional investors are embracing Bitcoin as a replacement to their stores of funds.

And Morgan Stanley, one of the most relevant multinational banks, called bitcoin a hedge fund against fiat inflation, with the potential to replace the U.S Dollar.

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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 Crypto News Cryptocurrencies Institutions

ASX Governor Discusses Payments, Weighs In On Libra/Diem

Mr. Philip Lowe, the Governor of the Reserve Bank Of Australia, gave a speech to the Australian Payments Network on the 7th of December.

During his address, the Governor of the RBA spoke about Australia’s leading role in the global financial domain, about what may be on the horizon, and what may change.

Digital Wallets And Who’s Behind Them

In the push for innovation, Mr. Lowe stated that one of the main factors to consider is the continuous rise of digital wallets. He then went on to outline the major differences between Google Pay and Apple Pay – and the regulatory issues faced by them, such as Apple possibly being forced to give third-party apps access to its NFC technology.

After mentioning Ant Group and Tencent, the owners of Alipay and WeChat Pay, Mr. Lowe weighed in on Facebook’s project Libra – now rebranded as Diem and facing lawsuits over it.

After applying for a license from FINMA (the financial regulator of Switzerland), the project faced a sizable backlash from regulatory entities across Europe – especially from the French and German finance ministers.

As a result, FINMA set up a regulatory college in order to coordinate with other countries.

The RBA is a part of the regulatory college – on behalf of Australia’s Council of Financial Regulators. According to Mr. Lowe, FINMA has made it clear that Libra/Diem will have to comply with stringent regulations, given the scope of the project.

“This initiative has raised concerns from governments and regulators in many jurisdictions regarding a wide range of issues including consumer protection, financial stability, money laundering, and privacy. […]

FINMA has indicated that Diem will be subject to the principle of ‘same risks, same rules’ – that is, if Diem poses bank-like risks it will be subject to bank-like regulatory requirements. It remains to be seen how this and other similar initiatives progress.”

Opinions are divided on the possible success of Facebook’s cryptocurrency when it launches – but it seems the Diem Association will be off to a rough start.

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Blockchain Cryptocurrencies Industries

Steve Wozniak’s Cryptocurrency Is Still Steadily Climbing

Steve Wozniak – the co-founder of Apple – launched the sale of tokens for his 2nd blockchain related project on the 3rd of December.

An Eco-friendly Platform

The brand new company is named Efforce, and its token WOZX can be bought by investors interested in eco-friendly projects.

Revolving around energy-saving, Efforce calls itself the first blockchain-based energy-saving platform. The company was founded by Steve Wozniak, as well as Project Lead Jacopo Visetti and chief technical officer Jacopo Vanetti.

Co-founder Jacopo Visetti shared his hopes that the new platform will allow investors to connect with eco-friendly platforms in an easier way.

“Energy efficiency is a way to create a sustainable future, and this is a way to help counter climate change, reduce carbon — and make money while you do it.”

Although it was founded in 2019, the company’s token sale only took place in early December on the HBTC platform – with great results.

With a total token supply of 1 billion, a market cap of 950 million was reached within 13 minutes of launch. It will soon be followed by a 9th of December launch on the South Korean crypto exchange platform Bithumb, and the token price keeps climbing with no signs of stopping.

In fact, at the time this article was written, the token price increased by 2490% – all the way up to $2.59 from $0.10.

The company based in Malta aims to give investors keen on saving the environment a direct way to contribute using blockchain technology – much like the New South Wales blockchain initiative to power the town of Tyalgum with green energy.

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Cryptocurrencies Industries Institutions

Libra/Diem In Hot Water Again Following Attempted Rebranding

Late last month, Libra announced its plans to launch early in 2021. Based in Geneva, Switzerland and made up of 27 members – chief among them being Facebook – the Libra Association plans to establish a far-reaching stablecoin ecosystem backed by big-league corporations, after attempting to negotiate with its detractors.

Last week, the Libra association announced its plans to rebrand as Diem. Stuart Levey – the CEO of the newly-rebranded Diem Association, stated that this was one of the company’s steps taken to ensure compliance with largely skeptical government entities.

“We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”

Chief among the detractors of the Geneva-based alliance for the new stablecoin is the European Union, spearheaded by the financial departments of the French and German governments, with Olaf Scholz – the German Finance Minister – calling the project a wolf in sheep’s clothing.

“We must do everything possible to make sure the currency monopoly remains in the hands of states.”

The French Finance Minister agrees, stating that the incredible reach of Facebook could cause quite a stir once mixed with the planned state of the association’s cryptocurrency.

“All these concerns around Libra are serious. So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of libra on European soil.”

Regulators Not The Only Parties Concerned

However, European governments are not the only ones bothered by the project.

A lawsuit reminiscent of the one that pit Australian platform PayID against Ripple, the association is being sued by a much smaller fintech company also known as Diem, who accuse the association of encroaching upon their intellectual property.

Diem – a platform described as “a digital pawnbroker of sorts” – was launched in October and garnered a following of about half a million followers.

Geri Cupi – the CEO of Diem – stated that if the association took their name, it could seriously stunt their growth.

Meanwhile Chris Adelbach – the co-founder of Diem and a well-known investor in fintechs operating on the European market – stated that although he was reticent to take on companies much larger, he has been advised to do so.

“It wouldn’t have taken that much effort for Facebook to find out if there’s another Diem in financial services […] They obviously took the view that ‘we can just crush them, we’re Facebook.’”

PayID’s grievances with Ripple Labs were solved by Ripple rebranding their service as ClearPay. It’s possible that this lawsuit will have a similar outcome.

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Australia Binance Cryptocurrencies

Binance Australia Wins 8th Place In Deloitte Tech Awards

As one of the largest cryptocurrency exchange markets by trading volume, Binance has long since established a permanent physical presence in countries across the globe. Following their recent establishment on the Australian market, their rapid advance to the forefront of the local industry has been rapid.

They have since been ranked 8th in the Rising Star category of the 2020 Deloitte Technology Fast 50 Australia Awards.

Rapid Growth With No End In Sight

The Deloitte Technology Fast 50 Australia Awards rank Australia’s tech companies by percentage revenue growth over a 3 year period.

Jeff Yew – the CEO of Binance Australia – acknowledged the award, stating it is indicative of the pace with which the Australian market is becoming increasingly acceptive of cryptocurrency -and blockchain technology in general.

“Given the positive crypto environment we’re operating – we’re expecting this to continue to skyrocket. We’re excited by this rapid growth, and we have ambitions to be the number one cryptocurrency exchange in Australia. We want Binance Australia to be the go-to platform for cryptocurrency users.”

Deloitte Partner Josh Tanchel also weighed in, commenting that the winners of the yearly awards clearly reflected the transformation faced by the financial industry and others worldwide.

“Let’s face it, 2020 has not been a normal year. The winning list in 2020 highlights that the COVID-crisis has continued to accelerate the disruption of traditional industries.

“The rise of businesses that have successfully harnessed technology is clear. Every company nominated this year has shown great resilience and resourcefulness. We’re delighted that despite the extraordinary circumstances, so many Australian tech companies are continuing to experience growth.”

Binance Australia is compatible with over 100 Aussie banks and credit unions, in part due to its integration with the New Payments Platform (NPP).

It seems the RMIT data showing that Aussie crypto trading peaked during lockdown was merely the beginning.