Reports

TokenPay Ecosystem Report – November 2019

By TokenPay Team | November 29, 2019, 8:23 AM

As part of our monthly ecosystem report here at TokenPay, we’re going to recap what’s happened with our projects during the month of November 2019, as well as industry news.

If you missed the last report, check out our TokenPay Ecosystem Report for October 2019.

Buy Crypto in eFIN DEX

The Buy Crypto option in eFIN DEX

A long requested feature, Buy Crypto in eFIN DEX is now live! We’ve worked with MoonPay on an option to bring even more freedom in the hands of our users. For more information about their services, please visit
https://help.moonpay.io/en/ .

With this option, anyone who has eFIN installed can open up the program and just head over to the new and shiny “Buy Crypto” button.

Please note that using this service means you input your billing
information and payment details in MoonPay’s widget.

Prerequisites


To use this option, you need to meet two requirements:

  • Have the Tor option disabled in eFIN (so the payment can be
    processed accurately)
  • Currently live in a country supported by MoonPay’s service:
    Austria, Belgium, Brazil, Bulgaria, Canada, Croatia, Cyprus,
    Czech Republic, Denmark, Estonia, Finland, France, Germany,
    Greece, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan,
    Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico,
    Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia,
    Slovenia, South Africa, South Korea, Spain, Sweden, United
    Kingdom.
    If you do not meet these requirements, you will not be able to use the
    service.

Below is a guide on how to get started with the Buy Crypto feature, and get your very own currency.

Buy Crypto in eFIN DEX Tutorial

Step 1: Make sure you have the latest version of eFIN DEX. Head on over to efin.com and click the download button for your operating system.

Downloading eFIN DEX from efin.com

Step 2: Open eFIN DEX and go to the Buy Crypto tab.

Step 3: Select the currency you want to buy.

Step 4: Choose the amount you want to buy, in coins or fiat.

Step 5: Enter your crypto wallet address (in this case, ETH). Then, click Buy Now.

Step 6: Add your billing information. Then, press Continue.

Step 7: Add your credit card information. Then, press Continue.

Step 8: Review your information and press Buy Now.

You’re done! Now you just have to wait a few minutes for the funds to arrive. Don’t worry, we’ll send two confirmation emails to let you know!

Liquidity Bot in eFIN DEX

The configure options for the liquidity bot. This is just for one pair, LTC/BTC.

Since we’ve been busy, we have another feature ready for eFIN DEX users: the Liquidity Bot.

The purpose of this bot is to increase liquidity for all users, given
the fact that decentralized trading platforms do not have any of these
tools, unlike centralized exchanges with experienced traders.
Nevertheless, we have decided to open this up for Partners and
Platinum members only for now. Standard members will be added in the
future.

To access the Liquidity Bot, consider becoming a Partner or Platinum
Member and get many more perks by using this link:
https://blastnetwork.com/my-account/partner

Once you are a Partner or Platinum Member, you will have access to a new tab in eFIN, Liquidity.

From here, you can configure your bot to automate the trading process for you. It will always check the market price, the current orders and price fluctuations to determine the best price for the currencies you’ve selected to trade. You can change the parameters for every trading pair individually, ensuring you get the most out of your bot.

So what can you do with this bot exactly?

  1. Create orders with specific parameters like the price % difference to buy or sell the specific trading pair. 
  2. Add a price sensitivity so that if the price of an asset increases or decreases by a #% that you choose, the orders that are open will be cancelled and created again (for example: BTC is at 10,000 USD per coin, the margin is 5%, and the price sensitivity is 1%. If the price of BTC/USD goes to 10,100, then all of your open orders will be cancelled and new ones will be created with the 5% margin added. 
  3. You can limit how many orders you want to make as well as how many coins you want to sell per order. This is important, as you need to be aware of the limits you choose because eFIN does not choose these limits. If your wallet does not have the coins to make the orders, all orders will be cancelled. 

In the future, we will add more features to the bot depending on the feedback, performance and results. 

Thank you for your support!

Check out the guide below detailing how you can set up and use the Liquidity Bot.

eFIN DEX Liquidity Bot Tutorial

Step 1: Make sure you have the latest version of eFIN DEX.

Step 2: Open eFIN and go to the Liquidity tab.

Step 3: Go to the configuration tab.

Step 4: Click the edit icon next to the trading pairs you want the bot to use.

Step 5: Set the parameters for the respective pair. Once you are done, click Save.

Step 6: Go to the Transactions tab.

Step 7: Click Start Trading.

And voila! You now have your very own liquidity bot set up and ready to trade for you.

Please note that when the bot is running, you cannot make manual orders. To re-enable this, simply stop the bot. To do this, simply go to Transactions and click Stop Trading. All open orders will be cancelled (this does not affect the orders already processing).

XRP (Ripple) Currency on eFIN DEX

Starting on November 25th, we’ve been pleased to welcome XRP (Ripple) to eFIN DEX. A long-requested addition, the currency is paired with TPAY as its base trading pair. Users can deposit, withdraw, and exchange XRP to their heart’s desire.

As a heads up, don’t forget that XRP has a prerequisite when it comes to withdrawing and using it.

There is such a thing as “ unspendable balance ”, which is 20 XRP . This is a requirement of the currency itself, and it is not associated with EFIN in any way.

The Ripple ledger uses this 20 XRP unspendable balance as a restriction measure to prevent the shared global ledger from growing excessively large as a result of spam or malicious usage. Tu submit transactions, your address must hold a minimum of 20 XRP, which you cannot spend or send to anyone else.

TokenSuisse Partners with Private Bank in Switzerland

swissinfo.ch

A new private banking venture has joined the growing list of companies applying for licenses from the Swiss financial regulator. Tallyon aims to become a “next generation” private bank, riding the way of “radical change” in the industry.

“Banking is to be redefined, and the use of technology should ensure that employees and customers receive a higher esteem than many banks do today,” says chairman David Bisang, who last year founded the blockchain company Heymate.

But Tallyon is remaining tight-lipped about how exactly it plans to “democratise” private banking in Switzerland, other than a reliance on new technology that will release it from the “legacy burdens” of “outdated IT infrastructure” that currently afflict traditional banks.

Bisang has teamed up with Alain Kunz, who founded Swiss blockchain firm TokenSuisse. Bisang declined to comment on the intended role of blockchain or crypto assets in the Tallyon venture. Further details will only be given if the Swiss Financial Market Supervisory Authority (FINMA) awards a full banking license.

Tallyon plans to start in Zurich but states it wants to follow up with other branches and has its eye on Asian markets.

Earlier this year, FINMA granted bank licenses to crypto banks Sygnum and SEBA. Crypto financial services firm Bitcoin Suisse has also applied for such a license

Other entities, such as Mt Pelerin and Initium are also waiting in queue while Yapeal intends to launch a digital bank if it gets a fintech license.

The number of banks in Switzerland has been steadily declining for a number of years, falling from 275 in 2014 to 248 last year. The number of private banks fell from 163 in 2010 to 101 at the start of this year.

Coming soon: XVG (Verge) Currency on eFIN DEX

On December 9th, Verge Currency is coming to eFIN DEX. Following a fruitful partnership over the years, their very own XVG currency will be added for all eFIN DEX users to store in their wallets and exchange.

XVG will have TPAY as a base pair for exchanging, and at the start of 2020 we will be adding Bitcoin as a base pair option as well.

Thank you for reading our TokenPay Ecosystem Report for November 2019. Stay tuned in December for even more news coming your way.