OKEx adds CSTs for Bitcoin Core and Segwit2x

OKEx exchange adds Chain Split Tokens for Bitcoin Core and Segwit2x, following the footsteps of Bitfinex
17 October 2017   1093

The OKEx international platform, which is the part of the largest Chinese exchange OKCoin, clarifies its attitude towards the upcoming Bitcoin hardfork. 

Thus, the company speculates that is a chance that Bitcoin will experience yet another a hardfork this year.  Accroding to the exchange, if this is the case, then the fork is expected to occur on block 494784

As detailed by the team, OKEx will follow the protocol below (more details are on the OKEx website):

  • OKEx will support both withdrawal and trading of all split chain tokens from this hardfork, the users will have full control on their digital assets.
  • The spilt token supporting Segwit2x will be named as BT2, the token derived from the original chain will be named as BT1. If the hardfork occurs then BT1 will be renamed as BTC. 
  • From October 17th 2017 whether the hardfork occurs or not, OKex will support the conversion between BTC and BT1 & BT2. One BTC can be converted to one BT1 & one BT2 and vice versa. At the same time, BT1/BTC and BT2/BTC spot trades will also be live. 
  • If hardfork doesn’t occur, OKEx will cease the trading of BT1/BTC and BT2/BTC. The value of BT2 will turn to zero and users can convert their BT1 to BTC at a ratio of 1:1. 

It is worth mentioning, that one of the leading cryptourrency exchanges, Bitfinex, also issues tokens for Bitcoin Core and Segwit2x (BT1 and BT2).

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   101

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.