Venezuelan Pharmacy Franchise to Accept Cryptocurrency Payments

A Venezuelan pharmacy franchise will now accept dash cryptocurrency payments, through an integration with Panda Exchange’s proprietary payments system.

The Farmarket retail chain is piloting a dash-enabled point of sale system, XpayCash, that will allow customers to make instant cryptocurrency transactions, the Dash Core Group announced Monday. The payment rail will be rolled out to 22 pharmacy locations over the next two quarters.

Dash representatives will provide on-site training during the first two months of operations as part of the company’s efforts to onboard potential cryptocurrency users in the country.Of the approximately 4,900 merchants that accept dash globally, nearly half are located in Venezuela.

According to the report, much of this headway has been made by DiscoverDash, which began by offering dash training to smaller firms and family owned businesses, but has grown to attract more established enterprises.

“We expect our partnership with Panda in Colombia and Farmarket in Venezuela to be a substantial move toward a purchase driven economy, where not only Venezuelans in Caracas will be able to pay directly in stores with Dash, but also their relatives in Colombia and elsewhere will be able to buy medicine from abroad and resolve health issues for their relatives and loved ones,” said Ryan Taylor, CEO, Dash Core Group.

In May, in Venezuela inflation reached 815,000 percent, following a one year high above 1.7 million percent. Under these economic conditions, cryptocurrencies present a store of value as well as stable form of payment for citizens. XPay charges a 3.99 percent transaction fee. (Neutral)

Sygnum Seeks Banking License in Singapore

Sygnum has initiated talks with regulators for a capital markets services license in Singapore, co-founders Mathias Imbach and Gerald Goh told Bloomberg in an interview published Wednesday. “In order for us to provide a full suite of services, we need to operate as a bank” in Singapore, Goh said.

Earlier this week, Switzerland’s Financial Market Supervisory Authority (FINMA) granted a banking and securities dealers’ license to Sygnum. At the time, the firm also revealed plans for a license in Singapore, saying it will allow offering fund management services, including a digital asset multi-manager fund.

With FINMA’s license, Sygnum is now transitioning to become a full bank in Switzerland this year. This way Sygnum will be able to issue, store, trade and manage cryptocurrencies bitcoin (BTC) and ether (ETH), and convert fiat currencies such as Swiss francs, Singapore and U.S. dollars and euros into the two cryptocurrencies.

Sygnum will also offer custody, brokerage and tokenization services for cryptocurrencies to qualified investors and institutions. The firm has raised about 60 million Swiss francs (~$61 million) to date, which are sufficient for the next few years. (Neutral)

Bakkt Clients Can Start Warehouse Deposits on Sept. 6

Bakkt clients will be able to start depositing their funds in the Bakkt Warehouse for physically delivered Bitcoin (BTC) futures starting Sept. 6.

On Aug. 28, the much-anticipated crypto trading platform Bakkt announced on Twitter that its qualified custodian, Bakkt Warehouse, will begin offering storage of customer’s Bitcoin in early September.

Storage will start weeks before the scheduled launch of its platform for daily and monthly crypto futures in the United States on Sept. 23. The platform will enable physical delivery of Bitcoin with end-to-end regulated markets and custody.

The Bakkt Warehouse, a part of Bakkt Trust Company, was developed using the same cyber and physical security protections as New York Stock Exchange, which is also operated by Bakkt’s parent company Intercontinental Exchange.

Bakkt’s physically delivered futures have been the subject of much anticipation from the crypto community as the company faced multiple delays in launching the platform due to compliance issues. (Positive)