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A New Bitcoin Exchange Point On the Colombian-Venezuelan Border Will Help Refugees

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A new cryptocurrency exchange service is available on the border between Colombia and Venezuela and its aim is to help refugees traveling across the Simon Bolivar International Bridge.

Visitors are now able to use the point-of-sale service with cryptocurrencies to buy goods. The POS is located in Santander, Colombia, just across the border from Venezuela. Panda Group created the payment alternative with refugees in mind. The group, a Columbian-Venezuela joint venture, announced the implementation of the new service through their Twitter account.

According to the data published by Coinatmradar.com, the service lets users exchange using bitcoin (BTC), bitcoin cash (BCH) and dai (DAI), and converts them into to Colombian Pesos (COP).

At the physical location – a small phone service provider in a mall called La Parada – customers can buy bitcoin with prices based on the Localbitcoins rate in pesos. The service will charge 10 percent above the market price and those who sell their bitcoins will do so for 5 percent more than the established market value.

This is not the first cryptocurrency service in the country. The Panda Group has already installed another five cryptocurrency exchanges in Colombia, most of them in the Colombian capital, Bogotá.

According to Panda CEO, Arley Lozano Jaramillo, their solutions are focused on helping the Venezuelan users and they announced the addition of a new service called Xpay.Cash to encourage adoption.

“This service is for all our brothers to pay directly in Cucuta with their cryptoassets and mitigate the loss of exchanging from BTC to COP, which represents a loss of at least 20%,” Jaramillo said.

Colombia has the highest rate of cryptocurrency investors in South America, next to Brazil. There are reportedly over 20 businesses accepting bitcoin payments in the country. The establishments are mainly focused in tourism, food and digital services.

Bitcoin At The Border

The ATM installed in Villa del Rosario City is connected to the Venezuelan border by the state of Tachira. The states are only separated by the Simon Bolivar International Bridge, one of the most heavily traveled borders used by Venezuelan refugees.

The refugee situation has also sparked a focus on the cryptocurrency, mainly for humanitarian aid purposes.

On the other hand, the last point of sale with cryptocurrency was implemented in Cúcuta, another border location with an growing Venezuelan population. The state also has a Bitcoin ATM, one of forty-two in the country.

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Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

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Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

July 20 — Bitcoin (BTC) has retaken the $11,000 price point on the heels of a turbulent week. 

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

After a bull market at the end of June brought the price of BTC to almost $14,000, the coin had largely been maintaining between $10,000 and $13,000 for most of the past month, briefly cracking $11,000 on July 15 before slipping below the $10,000 price point on July 16. For the past three days, BTC has been in the $10,000 range, but had faltered at the $11,000 resistance until now.

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

The past week has seen some major hurdles for cryptocurrency at large, particularly within the United States. On July 11, President Donald Trump voiced his opposition to cryptocurrencies, particularly BTC and Facebook’s planned Libra, in a series of tweets, saying:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” 

Trump’s tweets came days before hearings on Facebook’s Libra before the US Senate Banking Committee on Tuesday, July 16 and the House Financial Services Committee Wednesday, July 17. The two hearings left little doubt as to Congress’s attitude toward Libra, which was overwhelmingly negative. Representative Madeleine Dean commented:

“It’s tough to trust when the collection, storage and misuse of the information of your customers generated a $5 billion fine.”

While Libra’s outlook may be bleak, the significance of the hearings for Bitcoin — with a market cap of $196,266,374,749 as of press time, the largest cryptocurrency — has remained unclear. 

Today’s price rally may mean that the storm has passed for BTC.





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Coinbase CEO Wants Firm to Move Beyond Trading in Next 5 Years

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Brian Armstrong, CEO of major American crypto exchange and wallet service Coinbase,  believes that the firm will be less about trading and more about adoption five years from now.

Armstrong wants the firm to connect people in crypto industry

 In an AMA session on July 19, Armstrong presented his vision of the company in five years, claiming that he sees Coinbase as not just a crypto trading service provider, but rather a more universal entity driving adoption to crypto.

Armstrong pointed out Coinbase’s mission to help grow the global crypto economy by connecting people in the market and expanding crypto community to help people use cryptocurrencies for more than just buying and selling. In this regard, Armstrong cited some recent Coinbase developments, such as incentivized crypto educational program Coinbase Earn, as well as preparations to soon enable crypto lending and margin trading on Coinbase. Armstrong explained:

“In five years I hope that we’ll have it even further beyond that. There’ll be thousands of companies that’ll be crypto-first.”

Armstrong supports people who left Coinbase to run their own crypto projects

As a part of Coinbase’s crypto adoption driver mission, Armstrong has also expressed his positive stance to former Coinbase employees who decided to leave the company to launch a new successful crypto project. Coinbase CEO noted the existing term of Coinbase mafia, recalling roughly ten people who have quit Coinbase to run successful crypto companies.

Armstrong appeared to encourage these former employees, claiming that he really wants people to learn from Coinbase and spread their knowledge to bring more adoption. “We‘re just gonna keep doing more and more of that,” Armstrong said, still adding that Coinbase is a multi product company.

On July 12, Armstrong said that a recent anti-Bitcoin (BTC) tweet by United States President Donald Trump unlocked another achievement for crypto industry, indicating that crypto industry is independent of global powers and that those powers cannot shut crypto down.





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Bitcoin Approaches $11,000 With All Top 20 in Green

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Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.

Market visualization from Coin360

Market visualization from Coin360

After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.

Ripple 7-day price chart. Source: Coin360

Ripple 7-day price chart. Source: Coin360

Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.

As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.

The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.

Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.

Keep track of top crypto markets in real time here





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