The Daily: Huobi OTC to Support Dồng, Dymon Asia Backs Crypto Platform

In today’s edition of Bitcoin in Brief, we cover the addition of Vietnamese đồng fiat to Huobi OTC, venture capital fund Dymon Asia backing a new institutional crypto platform, and Paxful donations supporting the building of a second school in Rwanda.



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Huobi OTC to Support Dồng

Huobi, the Singapore-headquartered trading venue, has announced its plan to support Vietnamese đồng transactions on its proprietary peer-to-peer trading platform, Huobi OTC. This means that Vietnamese traders can now use Huobi’s OTC trading platform to exchange between crypto and fiat currencies.

The OTC service is meant to act as an intermediary that reduces the risk of fraudulent activity for traders in countries where regulatory guidelines have not yet been established. With the addition of the Vietnamese đồng, Huobi’s OTC trading platform now supports 18 fiat currencies including CNY, USD, SGD, INR, CAD, AUD, KRW, CHF, TWD, RUB, GBP, HKD, NGN, EUR, IDR, PHP and KHR.

Dymon Asia Backs Crypto Platform

Dymon Asia Venture Capital Fund has announced it is backing LXDX, a cryptocurrency trading platform that offers technology services for exchanges, including software for public retail exchanges and private exchanges for institutional block trading. Dymon Asia Ventures is the venture capital arm of Dymon Asia Capital, an alternative investment manager headquartered in Singapore with approximately US$5 billion under management. The fund’s support is meant to help LXDX make the cryptocurrency space more accessible to investment banks and hedge funds.

CEO Joshua Greenwald said: “We built LXDX in response to the aversion conventional finance institutions have had to the cryptocurrency space. Joining forces with Dymon allows our team, with decades of trading experience, to bring the qualities of traditional lit and dark exchanges to these new markets.” Christiaan Kaptein of Dymon Asia Ventures added: “We are extremely pleased to be a part of LXDX’s mission to improve the infrastructure of cryptocurrency trading. We believe that blockchain investors deserve the reliability, performance, and professionalism found in traditional markets. We are thrilled to be supporting LXDX in their vision and execution of a more efficient trading system.”

Paxful to Build Second School in Rwanda

Paxful, which launched the #BuiltWithBitcoin program in 2017 by donating $50,000 for the construction of a nursery school in Rwanda, has announced today the latest development in its charitable initiative. The company will sponsor the construction of a school for students aged 6-15 in the Nyamata Sector of Rwanda’s Bugesera District. Paxful jump-started the project with a $20,000 donation. Total construction is estimated to cost $100,000, with the balance to be collected through an online crowdfunding campaign. Donations can be made via BTC, BCH, ETH, LTC and Dash. And Paxful vowed to match all community donations until the $100,000 goal is met. “The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency,” said Ray Youssef, CEO of Paxful. “We firmly believe that it can improve lives and make the world a better place.”

The new school is expected to be almost double the size of the first, with six classrooms and six full-time teachers serving up to 300 primary school students. It will include a cafeteria, a 35,000-liter potable water well, solar panels, and other resources for the education and enjoyment of students, staff, and faculty. “Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students,” said Yusuf A. Nessary, founder and president of Zam Zam Water, the humanitarian organization handling the project. “This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”

Latest Scare: Crypto Mining Students

The mainstream media loves to make sensationalist headlines out of cryptocurrency. And their latest scare story is a supposed “wave of crypto mining at colleges”. CNBC talked to just one student from Penn State who was GPU mining using the free electricity in his dorm room back in 2017 and turned it into a wide phenomena threatening to burden universities with growing new energy costs. The report claims that cyber security firm Vectra conducted a study of mining on eleven campuses and found evidence of mining in every school. Furthermore, they claim universities are witnessing students starting mining operations between one to four times every day. And to add more interest, they even tried to link mining to somehow making the schools more vulnerable to hackers.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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