Upbit Begins Crypto Withdrawal Delays + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Exchanges news

• The South Korean crypto exchange Upbit will introduce a crypto withdrawal delay system tomorrow to “help limit the damage caused by voice phishing,” reported WowTV. The trading platform’s operators said that the new system would prevent crypto withdrawals in the 24 hours following a deposit. After the 24-hour deadline has passed, customers can make crypto withdrawals of up to around USD 905. The firm added that the system was being introduced to help fight “financial fraud,” and that fiat KRW withdrawals and deposits – as well as crypto deposits – would not be subject to any limits.
• CEX.IO Limited said it launched new services, including crypto-backed lending, following approval from Gibraltar authorities. Their customers can now borrow up to USD 500,000 against their cryptocurrency assets via a regulated lending service, the company said in an emailed press release. The crypto exchange claims it has over 3 million customers worldwide.

DeFi news

• Copper.co, the London-based digital asset infrastructure provider, launched CopperConnect, a decentralized finance (DeFi) tool for crypto institutions. It provides institutional investors with a way to connect digital assets stored in Copper’s multi-party computation wallets with decentralized applications (dapps). This allows investors to lock their assets into DeFi ‘smart contracts’ and tap into the liquidity currently locked in DeFi, currently valued at USD 12.6bn, the company said in an emailed press release.

Blockchain news

• The South Korean steel giant POSCO has developed a blockchain-powered facial recognition solution that can also be used to process micropayments. Per the Segye Ilbo, the firm, which also operates a number of subsidiaries in other business sectors, has been developing the solution under its POSCO ICT umbrella. The solution is named Facero, makes use of the Hyperledger Fabric protocol and can process transactions in around half a second, said its masterminds.
• The Chinese tech and entertainment giant Tencent has been enjoying success with its blockchain-powered tax solution, developed in conjunction with the Shenzhen tax office, reported Nikkei’s XTrend. The solution’s operators claim that it has processed a cumulative total of 33 million electronic receipts on their blockchain-based platform – and added that demand for contact-free platforms like these has risen due to the coronavirus pandemic, which has forced a number of processes online. The parties also said they would look to expand its scope to a total of over 100 industrial sectors.