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New Global Cryptocurrency Exchange BITBOX Now in Operation

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LINE Corporation has launched its new global cryptocurrency exchange BITBOX, which focuses on a user-centered experience, transparency, security, and “first-rate customer support.”

LINE chief executive officer Takeshi Idezawa said: “LINE has built its reputation on providing a great social experience for our users, and now we intend to bring that know-how to the world of digital tokens with our BITBOX exchange. With BITBOX, we intend to have an exchange that is easier to use, while also ensuring we provide extremely strong levels of security.”

LINE is offering a reward of $10 in August for the first two million users that register on BITBOX and, during the first month, registered users on the exchange will enjoy zero-free trading of all the available coins. The exchange has over 30 listed cryptocurrencies such as bitcoin, litecoin, ether, and bitcoin cash.

BITBOX is operated by Singapore-based LINE Tech Plus, a company under LVC Corporation and LINE Corporation. The launch of the exchange is part of LINE’s finance-related strategy to become a global leader in the fintech sector. The exchange can be used in all countries apart from Japan, the US, and other restricted jurisdictions.

LINE Partners with BitGo

BitboxLINE has partnered with US-based blockchain security company BitGo to create a highly secure exchange by integrating its multi-signature technology.

BitGo CEO Mike Belshe said: “LINE and BitGo are both leaders in our industry and this partnership with BITBOX is an important step in bringing institutional investors the security, compliance, and custodial solutions they need. LINE has an established history of success in the global market. Together BITBOX and BitGo are committed to providing the most secure and reliable user experience in the digital token ecosystem.”

BitGo offers a multi-signature, multi-coin, institutional-grade hot wallet that pairs with its cold storage custody allowing for simple and secure asset transfer between wallets. The multi-signature technology contains advanced configurations that keep assets secure as they move in and out of a wallet.

“LINE has a long-established reputation for cyber security and technological expertise, which it has brought to BITBOX. Security and risk management procedures have been designed to protect users’ interests and to ensure the safe management of their assets,” the corporation says in its press statement.

LINE is also focused on offering a transparent and trustworthy exchange where it evaluates cryptocurrencies before listing them. Its plans to launch the exchange were announced last month during the LINE Conference 2018 in Tokyo.

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Zimcoin Launches New Cryptocurrency Exchange in Zimbabwe

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Zimbabwean blockchain technology company, Zimcoin, has launched a new digital currency exchange that will allow users to buy and sell bitcoin (BTC).

The Future of Zimcoin

Zimcoin hints at the possibility of much larger projects in the future with its bitcoin exchange acting as a gateway:

“At Zimcoin we want to provide Zimbabweans with access to the new decentralised internet. Bitcoin acts as a gateway to all the exciting projects happening in the cryptocurrency and blockchain world. Whether you want to engage with the prediction markets of Augur or invest in the Decentralised Autonomous Organisation Decree, Bitcoin is a great starting point. Here at Zimcoin, we provide a platform to buy and sell Bitcoin, as well as a place to find out about the blockchain projects we are excited about. So what are you waiting for? Sign up today and become a pioneer in Zimbabwe’s love affair with Blockchain.”

When Golix was operating in Zimbabwe they faced minor incidences of security breaches and scares. It seems that Zimcoin is learning from their mistakes and trying to avoid that from the start.

ZimcoinZimcoin has already implemented two-factor authentication from day one, unlike Golix which only implemented a few years after operating. With Zimcoin’s 2FA you are given two options; an email or using Google Authenticator. Though the email is less secure than Google authenticator, you do not have to download a separate application.

The exchange also logs out after a period of inactivity, which means incidents such as someone getting access to your computer because you’ve gone out are also unlikely as well.

The Challenges of Cryptocurrencies in Zimbabwe

Earlier this year, the Reserve Bank of Zimbabwe had classified operations by cryptocurrency exchanges as illegal in the country. This greatly affected Golix, Zimbabwe’s largest crypto exchange, despite them winning interim relief.

According to a report by TechZim, Zimcoin is not overly concerned by this ban and say that they had been in communication with the RBZ since last year and feel that they will be able to operate without any trouble.

Meanwhile, Zimbabwe is struggling with its economy, and as its foreign reserves dwindle, which will likely positively affect Zimcoin’s growth as more Zimbabweans start to look towards other currency alternatives. 

Despite all the challenges Zimbabwe faces with cryptocurrencies, the blockchain is gaining popularity in Zimbabwe. This is good news for companies like Zimcoin as they will hopefully face fewer problems than their predecessors.

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Bank of Zambia (BoZ) Warns Against Using Cryptocurrencies

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The Zambia central bank, Bank of Zambia (BoZ), has cautioned citizens about the use of digital currencies as they are not considered legal tender.

According to local media, the Bank of Zambia has received an increasing amount of inquiries about cryptocurrencies, which is a testament to the growing interest in bitcoin and its peers in the Southern African nation.

Bank of Zambia

The central bank highlighted that there is no legal recourse for cryptocurrency holders or investors who lose money in this new digital asset class due to its unregulated nature.

Additionally, the Bank of Zambia stated that it does not oversee, supervise nor regulate cryptographic currencies and assets and that any actions in related to cryptocurrencies are performed at the user’s own risk.

This statement echoes that of most African countries’ regulators when it comes to bitcoin regulations.

In most of Africa, central banks are taking a wait and see approach to blockchain technology and cryptocurrencies in an attempt not to stifle innovation.

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Binance Uganda Officially Launches and is Starting to Accept Deposits

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Binance Uganda
Images by Binance Uganda

In a statement on its website, Binance Uganda announced that is officially opening its doors on October 17, 2018, when it will start accepting deposits in Ugandan shillings (UGX), bitcoin (BTC) and ether (ETH).

Uganda’s First Local Fiat-to-Crypto Exchange

Binance Uganda is the first local fiat-to-crypto exchange in the East African nation and marks a milestone in Binance’s push into the African market.

Binance UgandaBinance Uganda users can now complete full account verification and are able to start depositing funds in UGX, BTC and ETH starting from 2018/10/17 10:00 AM Uganda Time (EAT).

The first available trading pairs on Binance Uganda will be BTC/UGX and ETH/UGX trading pairs. The start time for trading will be released in a later announcement.

Until the launch of Binance Uganda, local bitcoin investors had very limited options to convert their shillings into bitcoin or other digital assets and vice versa.

Peer-to-peer trading platforms such as LocalBitcoins and Paxful have failed to take off in Uganda and international exchanges do not accept Ugandan shillings as a currency, which has left Ugandans to largely trade via WhatsApp and Telegram on a peer-to-peer basis.

With the launch of Binance Uganda, it will be interesting to see how the local cryptocurrency community evolves and whether bitcoin and ether will be accepted as legitimate investment assets by the country’s wider investor base.

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