QuadrigaCX: Co-Founder Patryn Was a Scammer
Bloomberg reports that Gerald Cotten, the deceased CEO of QuadrigaCX, cooperated with a person called Michael Patryn. The two started to work on the idea since 2013. However, in his own words, Patryn describes that he stopped working for Cotten when they had a “fundamental disagreement” in 2016. The twist of the story is that, according to Bloomberg, Michael Patryn is a fraudster that changed his name twice in Canada. In 2003 he renamed himself from Omar Dhanani to Omar Patryn and in 2008 he changed his surname to Michael. Patryn was convicted for several cases of fraud, burglary and theft in the period from 2005 to 2007. He had to serve a sentence of 18 months in the US for these crimes.
Binance Offers OTC Fiat-to-Bitcoin Trades in Australia
Binance has launched a service in Australia that lets customers exchange the Australian Dollar for cryptocurrencies. Currently, AUD-BTC is the only pair that Binance Lite Australia offers. However, Binance CEO Wei Zhou described the service as one of many ways to provide “easier ways to buy bitcoin”. The exchange cooperates with more than 1300 newsagents to enable this. A literal over-the-counter solution that resembles that of KeplerK in France. The service is aimed at beginners in crypto investing. The fee of 5% is much higher than usual fees on exchanges. Binance plans to add other fiat and cryptocurrency options in the future.
IBM Launches A Global Blockchain Payment System – World Wire Network
IBM is setting the way for banks and other regulated financial institutions to adopt Blockchain technology to offer better services to clients. The global tech firm is deploying a real-time, global payment system that offers cross-border payment services. Further, the IBM Blockchain platform can also offer foreign exchange services that can be accessed globally. The platform is dubbed IBM World Wire Network and is poised to cut off intermediaries as the ecosystem will be operating on DLT.
A Blockchain Startup Launches A Crypto-Enabled Visa Card
2gether- a Banking startup company- is introducing a revolutionary Visa Debit Card that supports Cryptocurrencies. The new card allows users to spend Digital Tokens at different points of sale. Additionally, the Visa card can be used to make online payments when Cryptocurrencies are supported in areas such as flight booking, e-commerce, casino betting, etc. In addition to cryptocurrencies, the new Visa Debit card allows users to pay with Euros.