LocalMonero closes operations, BitMEX launches options trading and other news.
The renowned peer-to-peer (P2P) exchange based on the Monero cryptocurrency, LocalMonero, has surprised the crypto community by announcing the definitive closure of its operations after almost seven years of operation. In a statement published on its official blog, LocalMonero mentions that its decision is based on "a combination of internal and external factors." As part of its shutdown process, LocalMonero has immediately disabled all new registrations and ad posts. Additionally, starting May 14, new operations will be suspended, and the complete shutdown of the website is scheduled for November 7, 2024.
The team behind LocalMonero has urged its users to withdraw their funds from arbitrage bond wallets before the November 7 deadline. They have warned that failure to do so could result in the funds being considered abandoned or confiscated. Likewise, they have assured that they will continue to provide support to users until the platform is permanently closed. LocalMonero has stood out in the crypto world for its focus on privacy and secure trading of the Monero cryptocurrency. Its closure has left many enthusiasts looking for reliable alternatives for P2P Monero trading. Although the news has been shocking, it is important to remember that the world of cryptocurrencies is characterized by its constant evolution and adaptation. The crypto community always finds new options and solutions to these challenges.
On the other hand, BitMEX, one of the leaders in the crypto derivatives market, takes an important step by launching options trading. This new functionality has been developed in collaboration with PowerTrade, a platform specialized in crypto options backed by Ascend Ventures, Pantera Capital and Ledger Prime. Deribit has been dominant in the crypto options market, and BitMEX seeks to compete directly with this platform. In a statement shared with The Block, the company expressed its intention to leverage the current “OG bull run cryptocurrency” to expand its reach.
BitMEX CEO Stephan Lutz commented that the company's goal is to reach a trading volume of at least $500 million within a three-month period. To achieve this, BitMEX plans to offer trading options in all regions where it has a presence.
It was also known that Chainalysis, a renowned blockchain data and analysis company, has announced the opening of its new regional headquarters in Dubai, United Arab Emirates (UAE). This opening comes after several years of close cooperation with the local government. The new headquarters in Dubai will cover southern Europe, the Middle East, Central Asia and Africa. Chainalysis has worked closely with the public and private sectors in the UAE, providing advice and best practices in the regulatory development of the cryptocurrency industry. It aims to drive innovation and cement the UAE's position as a global cryptocurrency hub.
In collaboration with the UAE Ministry of Artificial Intelligence, Digital Economy and Remote Work Applications, Chainalysis has been part of the creation of a Center of Excellence. This center will allow government employees to improve their knowledge and skills in blockchain technology, strengthening the infrastructure of the crypto ecosystem in the country.
Finally, Mastercard and major US banks are coming together to test shared ledger technology in bank settlements. Mastercard has established a collaboration with major US financial institutions, such as Citigroup, Visa and JPMorgan, to carry out tests with shared ledger technology. The objective of this initiative is to simplify and streamline the bank settlement process through tokenization. The Regulated Settlement Network (RSN), a platform that enables joint settlement of tokenized assets such as Treasury bonds and commercial bank money, is at the center of this ambitious collaboration. The RSN seeks to unify these financial assets that have traditionally been managed in separate systems. In this way, transactions are facilitated and time and costs are reduced.
Following a successful pilot period focused on cross-border and domestic payments in US dollars between banks, this new testing phase focuses on simulating settlements of various assets using distributed ledger technology. The objective is to improve efficiency, as well as reduce risks of errors and fraud.
Stay up to date in the world of cryptocurrencies! They offer us a viable alternative for the global economic future and the financial freedom of individuals. Some relevant reasons:
✔️ Decentralization and Autonomy: They operate in a decentralized network based on blockchain technology. This means that they are not controlled by any government or central entity. Individuals can transact directly with each other without intermediaries such as banks or financial institutions. This empowers people by giving them greater autonomy over their finances.
✔️ Global Access and Inclusive Financing: They are accessible throughout the world. Anyone with Internet access can participate in the cryptocurrency market. This is especially relevant for unbanked and underbanked people. Cryptocurrencies give them the opportunity to participate in the global economy without needing a traditional bank account.
✔️ Transparency and Security: Blockchain technology guarantees transparency in transactions. Each movement of funds is recorded in a public and verifiable ledger. The cryptography used in cryptocurrencies protects against fraud and counterfeiting. Transactions are secure and cannot be altered once recorded.
✔️ Investment and Diversification: Cryptocurrencies offer investment opportunities. Although volatile, they have demonstrated significant growth over time. Individuals can diversify their investment portfolio by including cryptocurrencies along with traditional assets such as stocks and bonds.
✔️ Freedom from Financial Control: Cryptocurrencies allow people to have greater control over their assets. They are not subject to government or political restrictions. Individuals can transfer funds internationally without delays or intermediaries, facilitating financial freedom.
Cryptocurrencies represent an evolution in the way we think about money and financial transactions. As adoption continues to grow, they could play a crucial role in the global economy and people's financial autonomy.
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