Iran's Largest Crypto-to-Fiat Exchange Adds This Privacy Coin

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Fri, 06/12/2020 - 13:00
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Vladislav Sopov
The Islamic Republic of Iran, which has been under U.S. sanctions for many years, has revealed a controversial attitude towards crypto
Iran's Largest Crypto-to-Fiat Exchange Adds This Privacy Coin
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It has been reported that EXIR, the largest and most advanced cryptocurrency exchange platform in Iran, has added support for Monero (XMR) direct swaps with fiat Iranian Rial (IRT).

New horizons for Monero (XMR)

Paul Janowitz, a Monero (XMR) community speaker, revealed today that EXIR, a top-level Iranian crypto exchange, is now supporting Monero (XMR) trading pairs with Iranian Rials (IRT).

Monero (XMR) is now supported by top Iranian crypto exchange EXIR
Image via Twitter

Mr. Janowitz believes that this instrument will be of significant use for evading U.S. sanctions imposed on the republic. Monero (XMR) privacy-focused transactions represent an alternative to banking remittances that are subject to sanction-related restrictions.

EXIR is a centralized crypto exchange with fiat payment instruments. It was launched in Tehran in 2017. Bitcoin (BTC), Tether (USDT), Ethereum (ETH), XRP and Bitcoin Cash (BCH) are already available for trading against the Iranian Rial.

According to Binance's Coinmarketcap, its net trading volume exceeds $537,000. CMC has already added XMR to its trading toolkit of EXIR, but only to the 'Unverified markets' category.

Privacy vs sanctions

Just like in any authoritarian regime, people in Iran are highly interested in cryptocurrency and blockchain. Iranian states also consider using cryptocurrency to evade U.S. trading sanctions.

Also, as revealed by Foreign Policy, Iran's President Hassan Rouhani highlights the importance of Bitcoin (BTC) instruments in national banking. Also, a nation-wide strategy for Bitcoin (BTC) mining is under consideration by the financial authorities of this country.

As covered by U.Today, Bitcoin (BTC) prices in Iran spiked above $29,000 after the assassination of local strongman Gen. Qasem Soleimani.

So, Monero (XMR) with its privacy-focused approach looks like a real gem for local citizens and banks. It is worth noting that the performance of Monero (XMR) transactions may be upgraded this year after the implementation of a new signatures scheme.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)