Upbit Begins Crypto Withdrawal Delays + More News

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Get your daily bite-sized overview of Cryptoasset and Blockchain-related news – investigate the stories flying under the radar of today’s crypto news.

Exchange messages

  • The South Korean crypto exchange Upbit will introduce a crypto-extraction delay system tomorrow to “limit the damage caused by voice phishing”. reported WowTV. The trading platform operators said the new system would prevent crypto withdrawals within 24 hours of making a deposit. After the 24-hour period has expired, customers can make crypto withdrawals of up to around USD 905. The company added that the “financial fraud” system was in place and that KRW withdrawals and deposits, as well as crypto-fiat deposits – would not be subject to any restrictions.
  • CEX.IO Limited After approval by the Gibraltar authorities, new services were introduced, including crypto-backed lending. Their customers can now borrow up to $ 500,000 against their cryptocurrency assets via a regulated credit service, the company said in a press release sent via email. The crypto exchange claims to have over 3 million customers worldwide.

DeFi news

  • Copper.coThe London-based provider of digital asset infrastructures has launched CopperConnect, a DeFi (decentralized finance) tool for crypto institutions. It offers institutional investors the opportunity to connect digital assets that are stored in Copper’s multi-party notebooks to decentralized applications (dapps). This enables investors to tie their assets to DeFi “smart contracts” and to use the liquidity currently locked in DeFi, currently valued at USD 12.6 billion, the company said in a press release sent via email.

Blockchain news

  • The South Korean steel giant POSCO has developed a blockchain-based facial recognition solution that can also be used to process micro payments. Per The company Segye Ilbo, which also operates a number of subsidiaries in other business areas, developed the solution under his name POSCO ICT Umbrella. The solution is called Facero, uses the Hyperledger Fabric protocol and can process transactions in about half a second, according to the thought leaders.
  • The Chinese tech and entertainment giant Tencent is successful with its blockchain-based tax solution developed in collaboration with the Shenzhen Tax Office. reported Nikkeis XTrend. The solution’s operators say they have processed a total of 33 million electronic receipts on their blockchain-based platform – adding that the demand for contactless platforms like this has increased due to the coronavirus pandemic, which is forcing a number of online processes Has . The parties also said they would try to expand their scope to over 100 industrial sectors in total.