The Daily: Bitfinex Raises Fiat Withdrawal Fee, New Hardware Wallet Announced

Crypto exchange Bitfinex has raised the minimum fee for fiat currency bank wire withdrawals and we’ve covered the details in The Daily. We also look at a San Diego-based company’s new hardware cryptocurrency wallet and the decision of one of Portugal’s leading football clubs to issue its own token.

Also read: US Defense Department Probes Blockchain, Singapore Approves 1X

Bitfinex Charges $60 for Bank Wire Withdrawals

Bitfinex has raised the minimum fee imposed on fiat withdrawals to bank accounts. The Hong Kong-based cryptocurrency exchange now charges at least $60/€60, or 0.1 percent of the withdrawn amount, Forklog reported. Users who want 24-hour money transfers on working days will have to pay a 1 percent fee.

The minimum withdrawal fee for fiat funds at Bitfinex used to be just $20. On Nov. 11, the exchange announced plans to charge a 3 percent fee on all external wire withdrawal requests exceeding certain frequency and size limits — more than two fiat withdrawals a month and more than $1 million in aggregate in fiat withdrawals in any 30-day period. The latest increase was not mentioned in the press release.

Bitfinex is currently the fifth-largest digital asset trading platform by daily volume, according to data provided by Coinmarketcap. The exchange has estimated that the new fees will not affect what it called “regular withdrawals” by most of its customers.

FLX One Wallet Released

San Diego-based FLX Partnership Ltd. has announced the release of its latest cryptocurrency hardware wallet. FLX One supports 20 popular cryptocurrencies, including major coins such as BCH, BTC, LTC and ETH. The device comes with a built-in rechargeable battery and Bluetooth wireless functionality. Mobile apps for both iOS and Android systems are already available.

According to the developers, FLX One has been designed with a number of security features. For example, it can disable communication automatically when signing transactions. The device also supports encrypted communication between each of its components. It is capable of detecting attempts to tamper with its software and can permanently lock itself.

The wallet is offered with a backup device, FLX Key, which can be used to restore account information in case the FLX One is damaged or lost. The press release details that the backup process is integrated within the initial setup — the FLX Key must be inserted into the hardware wallet and the FLX One system will automatically copy the important data.

Portuguese Football Team Mulls ICO

Sporting Lisbon, one of Portugal’s leading football clubs, has said it’s considering an initial coin offering (ICO). The team wants to issue its own token as an alternative way to raise funds, the local news outlet Dinheiro Vivo reported. Its management wants to take advantage of the opportunities that come with digital currencies, the publication noted.

Sporting Clube de Portugal is one of the oldest and most popular sports clubs in the country, best known for its football team. It now joins a growing number of soccer teams that have turned their attention to cryptocurrencies. In September, for example, the Paris Saint-Germain football club created a fan token. And earlier this year, Gibraltar United F.C., a team that competes in the British territory’s premier division, revealed it’s going to pay its players with digital coins.

In July, Portugal’s financial markets regulator advised companies planning to launch ICOs to consult with the relevant authorities before conducting token sales. Sporting Lisbon’s vice president, Salgado Zenha, told Dinheiro Vivo the club’s management is currently holding meetings to discuss a potential ICO. “We are looking closely at an ICO. There is a great potential for adding value to the Sporting brand,” Zenha commented.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

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