In the wake of high-profile hacks and scams, security has become a top priority for cryptocurrency projects looking to raise adoption among investors. While the underlying technology of blockchain is secure, the exchanges and wallets that store cryptocurrencies are often not. As such, projects need to have robust security protocols in place to instill confidence in potential investors.
Uniglo.io has just completed KYC, which positively influenced its price. $GLO’s presale oruce increased by 25%, which is especially surprising since Bitcoin (BTC) and Ethereum (ETH) struggle at the resistance level.
Background On Uniglo.io And KYC completion
Popular new cryptocurrency exchange Uniglo.io just finished its KYC procedure, indicating they are currently in compliance with global anti-money laundering laws. For exchange users, this is fantastic news since it boosts the security and protection of their currency.
Having just been introduced in July 2022, Uniglo.io is a relative newbie to the cryptocurrency market. But even in that short period, they have significantly impacted the business. The initiative to establish a dual burning tool to improve scarcity and maintain $GLO’s price makes the project quite popular among traders hunting for cryptocurrency gems.
Additionally, Uniglo.io provides a unique vault to store its NFTs and digital assets and back up the national coin $GLO.
For Uniglo.io, the recent completion of their KYC procedure is a significant milestone. It demonstrates their commitment to following rules and safeguarding their customers’ money, which is amazing news for the investors.
Investors’ confidence in the validity and long-term prospects of the exchange increased as a result of this announcement, leading to a 25% surge in the price of GLO tokens soon after it was announced.
Bitcoin And Ethereum Struggle At Resistance
Bitcoin and Ethereum led the charge as cryptocurrencies had a good start to the week. But around $23,000 and $2000, respectively, the bulls encountered some resistance, and both cryptocurrencies have subsequently declined.
Last year, Bitcoin and Ethereum were on the run, with the rising past around $65,000/BTC and $4,800/ETH. However, both cryptocurrencies saw considerable selling pressure at these crucial levels and have since retreated.
At the time of writing, the price of Bitcoin is $22,800, while the cost of Ethereum is $1600. Due to both cryptocurrencies’ rapid price increases, the latest sell-off has been blamed on investors taking profits.
The good news is that the retreat seems healthy and could give the bulls a chance to enter again. Bitcoin’s critical monitoring levels are $25,000, while Ethereum must maintain above $2000 to halt further declines.
We should have a clearer notion of the market’s short-term direction in the coming days. Currently, the general trend is optimistic, and there’s a significant probability that Bitcoin and Ethereum will soon retake their respective highs.
While ETH and BTC are heating up, GLO is already ready for a bull run.
To become a fully-fledged, compliant crypto exchange, Uniglo.io still has a long way to go after completing the KYC process, and a number of new features and enhancements will be added to the platform over the following months.
The fact that Uniglo.io is taking such steps towards legitimacy explains why the price of GLO tokens has risen. Investors have strong cause to be optimistic about the exchange’s future. If Uniglo.io can keep moving forward with its strategy, it will soon rank among the top cryptocurrency exchanges in the world.
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