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December 2014

uBUCK Signs Strategic Alliance Agreement with Deltec Bank & Trust

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uBUCK

uBUCK

LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF) and its subsidiary uBUCK Technologies announced some exciting news this week that will offer the digital wallet and payment platform a major edge on its competition.

uBUCK announced that it has signed an alliance agreement to form a strategic commercial relationship with Deltec Bank & Trust, a diversified independent financial institution that is based in The Bahamas.

Deltec, which provides a range of private banking expertise, corporate and merchant banking capabilities, digital asset financial services, fund administration, investment management, and insurance solutions to its global clients, will offer uBUCK with a large network of financial service providers located around the world.

“We are very excited to enter into a strategic partnership with Deltec, a highly regarded financial institution with a range of private banking and fiduciary expertise,” said uBUCK CEO James Youn. “This partnership opens up uBUCK to a large network of financial services providers across the globe.”

According to the terms of the agreement, Deltec will provide prepaid debit cards to its existing bank and wealth management clients, integrate and market the uBUCK prepaid card into the Deltec digital wallet and to its regional private bank networks in Asia, Europe, the Caribbean, and South America, and create dedicated white label card programs to their existing digital asset exchange clients.

The Rise of the Prepaid Debit Card Market

Digital wallets and prepaid cards are quickly becoming the norm and totally disrupting traditional banking. In particular, prepaid cards have continued to gain a lot of traction in the US.

In fact, the US prepaid card market could reach a massive $877 billion USD by 2020, fueled by the increasing need for security and convenience, along with the growing unbanked and underbanked population in the nation.

>> Bitcoin Price Gains as China Scraps Crypto Mining Ban

Currently, 25% of US households are either underbanked or unbanked, meaning they have limited access to banking services that the other 75% take for granted. The main reason so many are without these services is because they either don’t have the funds to keep in an account, have been blacklisted by major banks, don’t trust banks, are too young to open an account, are fed up with hefty fees, or live in rural areas that don’t offer many options.

Regardless of the reason, it’s clear these individuals are in need of some support from the fintech world.

When LiteLink built the uBUCK Pay app, the company had this demographic in mind, and now, thanks to this deal with Deltec, uBUCK can expand its reach and serve an even larger group.

By providing the underbanked with access to a digital wallet and prepaid, reloadable debit cards, the company can offer a fast and easy way for them to pay bills, send money to relatives, make payments, and withdraw funds from an ATM just like the rest of us.

The uBUCK Pay app also offers enticing features like record-breaking transaction speed and, perhaps more importantly, a loyalty and rewards program. And it wouldn’t come as a surprise if LiteLink had more deals coming up after just announcing a non-brokered private placement for up to $4 million USD in gross proceeds.

Once the investment is complete, LiteLink will use the additional capital to further develop the uBUCK app and its capabilities, accelerate growth, and increase its customer acquisitions.

Featured Image: LiteLink Technologies

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ECB Boosts Crypto Surveillance to Monitor the Market Closely

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ECB

ECB

There is no doubt that cryptocurrencies have come a long way over the past few years and are now legitimately regarded as an important corner of the global financial market. However, it is also important to note, that with the rise in popularity, regulations also become a reality, and that is something plenty of regulators have been planning over the past couple of years. Most recently comes the European Central Bank, or ECB, into the mix.

Key Details

While it is true that the cryptocurrency community, in general, is against regulation of any kind, it is also true that as the market grows, there are bound to be certain checks and balances. In a new development, the European Central Bank, which is one of the world’s most influential central banks, stated that it is exploring ways in which cryptocurrencies could be monitored.

In a report published on August 7 and titled “Understanding the crypto-asset phenomenon, its risks and measurement issues”, the ECB stated that the absence of reliable data with regards to the entire crypto market will prove to be a significant challenge for regulators in the years to come. Hence, central banks all over the world need to monitor cryptocurrencies both on-chain as well as off-chain and help fill those data gaps that have confounded regulators all over the world.

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Although the report did note that cryptocurrencies are public in nature, it added that monitoring the data would require a far more robust ecosystem from the central banks. The report argued that reliable data of transactions with regards to cryptocurrencies is not always available, and hence, a robust system would be needed. Considering the rate at which the crypto market is rising, it is fair advice. These are an important development for the crypto community at large, and although many might be opposed to it, such steps should ultimately make the marketplace a much more reliable one.

What do you think about the ECB’s decision?

Featured image: DepositPhotos © sinenkiy

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Is TD Ameritrade Working to Enter the Crypto Industry?

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TD Ameritrade

TD Ameritrade

TD Ameritrade is a financial services company and provides a trading platform through which users can trade stocks, mutual funds, investments, and much more. TD Ameritrade has reportedly around 11 million users.

TD Starting Crypto Trading?

Rumors are circulating all over the internet that this company is already in testing phases of crypto trading in association with ErisX. ErisX is a Chicago-based company, and according to the rumors, it is developing and testing a beta version of crypto trading on TD Ameritrade’s online trading platform. However, this news is not official yet.

If it is, TD’s 11 million users will be able to dabble in crypto trading officially on its platform. Other top companies like Fidelity and the NYSE are also working toward crypto trading. They said that testing is in the final stages and after completion, crypto trading will be officially available for users.

Charlie Lee, the creator of Litecoin, has some exciting news about whether or not the TD rumors are true. Lee said that he observed TD Ameritrade has tested Litecoin and Bitcoin on their brokerage platform.

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Any information regarding fees, trade costs, and more will be disclosed to users after ErisX completes the product development without any bugs. TD Ameritrade appears to be planning to make all cryptocurrencies available for trading, not just Bitcoin.

The rates of cryptocurrencies may rise or fall, but there is no downfall for its development. If the world is not focusing on this concept, why are some of the major companies developing their own crypto coins?

This concept is backed by blockchain technology, a superior tech for safety. Transactions can be done irrespective of the sender and receiver locations. There are a lot more advantages with cryptocurrencies, and having big companies like TD Ameritrade introducing crypto trading is a good step for the future of crypto.

Featured image: DepositPhotos © opturadesign

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Bitcoin (BTC) Soars Above $8K Mark on Geopolitical Concerns

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Bitcoin

Bitcoin

One of the most remarkable events in the crypto space took place in the first half of 2019 when Bitcoin (BTC) went on a remarkable rally that almost mirrored the rally from 2017. However, the rally soon fizzled out, and it has been a bit of a rollercoaster ride for the world’s biggest cryptocurrency by market cap. That being said, BTC has managed to make a remarkable comeback in 2020, and today it breached the psychologically important level of $8,000.

It should also be noted that the token hit its highest level today since November, and it goes without saying that it has given rise to a lot of positivity in the market.

Tensions in the Middle East Between the United States and Iran

Crypto market experts believe that the rising tensions in the Middle East between the United States and Iran are a major factor in the rally. The uncertainty in the market might have prompted people to park their money in an asset that is not controlled by any government, meaning a lot of capital might have flowed into Bitcoin. If that is the case, then one can expect this state of affairs to continue since the tensions in the Middle East are far from over.

That being said, there are other factors at play as well with regards to this rally in BTC. Emmanuel Goh, who is in charge of Skew, a crypto derivative tracker, has stated that what is being experienced at this point in time is known as the ‘January effect’ in the stock market. He said, “Professional investors are also back from the Christmas break and starting to deploy capital.”

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That could well be one of the bigger reasons behind the rally in the world’s biggest cryptocurrency, but at the same time, it could also be said that the geopolitical stars have aligned for Bitcoin. Crypto enthusiasts would do well to track the movements over the coming hours.

Bitcoin is trading higher by 1.43% at $8,032.

Featured image: DepositPhotos © EdZbarzhyvetsky

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