/ Blog Posts

Fintech News (23/09/18)

Ellie Lin

Global Bitcoin ATM Market to be Worth $145 Million in the next five years
The number of bitcoin ATMs is now estimated to be 3,650 globally, bringing the market value to $16.3 million. According to MarketsandMarkets, a business-to-business research firm, the bitcoin market is estimated to achieve $145 million in value, which will show a compound annual growth rate (CAGR ) of 54.7%, by 2013.The clear leader in the Bitcoin ATM sector is now the U.S. with 60.3% of the bitcoin ATMs in the world; while Canada occupies the second place and Austria is taking the third biggest market. The U.S. is predicted to continue to dominate this sector, largely owing to the abundance of crypto ATM hardware and software providers and favorable investment environment.

Bitcoin is 300 Times Cheaper Than Wire Transfers, Banks Take 83% Profit Bitcoin transactions fees were criticised for being too expensive, especially when it reached its peak in November and December of last year. Even major cryptocurrencies were struggling with scalability since blockchain systems were not ready to handle a million transactions per day. The price of Bitcoin almost reached $20,000. However, this has changed drastically. Over the past months, the open-source developer community of those major cryptocurrencies have been working on the issues and have upgraded them. The transaction fee of Bitcoin has declined to less than $1, and the median fee hovers around $0,1 per year. While most banks are pocketing $29.75 per outbound wire transfer, which adds up to a 83 percent profit. Bitcoin's transactions fee now is 300 times cheaper than the banks.

Swiss and Israeli Regulators Agree to Collaborate on Cryptocurrency & Blockchain
Recent history has shown Switzerland to be one of the most blockchain-friendly nations. A small Alpine town, Zug, is deemed as ‘Crypto Valley’ in a nod to California’s Silicon Valley tech hub. Some of the leading crypto establishments like Ethereum foundation and Shapeshift exchange are both headquartered in Zug A report for Reuters states that the two governments have now agreed to collaborate on cryptocurrency, and blockchain regulation. Ueli Maurer, the Swiss Minister for Finance and Joerg Gasser, the State Secretary for International Financial Matters visited Israel with the aim of gaining bank access to Israeli markets to allow Swiss banks to trade there.

France Approves New ICO Framework to Become Europe’s ICO Hub France has taken the lead and introduced its own Initial Coin Offering (ICO) framework.
The framework has been accepted in parliament, and the acceptance has been confirmed by Bruno Le Maire, France's finance minister. the Authorité des Marchés Financiers (AMF), will allow licenses to be given to companies which want to use ICOs as a method of raising capital. The measures will provide more guarantees for ICOs as the companies must apply to French authorities for review, AMF. French authorities have a positive attitude and outlook, they hope the new legal framework will attract investors from all over the world.