Tech Bureau, the firm behind the Japanese crypto exchange Zaif, has revealed a refund plan to compensate users after a $60 million hack that happened on the platform last month.

Tech Bureau said on Wednesday in a release that it signed an agreement with Fisco – a publicly listed investment firm in Japan – to transfer the business of Zaif to Fisco Cryptocurrency Exchange. The two stated this approach would avoid further risks for Fisco and users on the platform.

Zaif, currently one of the 16 licensed crypto exchanges in Japan, experienced a hack on Sept. 20 when some $60 million worth of cryptocurrencies got stolen, including nearly 6,000 bitcoin. Other compromised assets included bitcoin cash and the monacoin cryptocurrency, as CoinDesk previously reported.

As part of the business transfer deal, Tech Bureau said Fisco would resume the customer compensation process, which would use its own bitcoin and bitcoin cash to refund users who lost the two crypto assets. According to a statement by Fisco, the company started operating a bitcoin exchange in August 2016.

Meanwhile, for the stolen monacoin, Tech Bureau said Fisco would pay back users in the Japanese yen at a rate of 144.548 yen, or $1.28, per unit.

Based on the announcement, the two now expect to host shareholder meetings in October before they execute the business transfer on Nov. 22.

Tech Bureau said after that, it would dissolve its cryptocurrency exchange business and abolish the license registered with the Financial Services Agency, Japan’s financial market regulator.

CoinDesk previously reported that right after the hack, Tech Bureau made an initial agreement with Fisco that the latter would offer 5 billion yen, or $44.5 million, to support Zaif’s compensation plan and to acquire a major ownership of the platform. Yet after negotiations, the two made changes to the initial plan with a business transfer approach.

This post is credited to coindesk

Chilean cryptocurrency exchange Crypto MKT has recently announced that the country’s citizens can now buy products and services with cryptocurrency from over 5,000 merchants through a new integration with a crypto payment processor.

According to the announcement, a partnership between Crypto MKT and online payments platform Flow.cl allowed the merchants to add cryptocurrency payment options through a platform called CryptoCompra.com.

CryptoCompra’s platform is available in Chile, Argentina, Brazil, and Europe, and lets customers pay businesses using bitcoin, stellar, or ethereum, while letting merchants receive their payments in pesos, the country’s fiat currency.

From Crypto MKT’s end, there’s a guarantee fund that ensures payments made in crypto aren’t affected by significant price fluctuations. The announcement reads (roughly translated):

“There is a guarantee fund that allows payments not to be affected by large increases or decreases in the price of Bitcoin, Ethereum and Stellar. This gives tranquility and security to the client, since it will not have surprises in its payments.”

It further states that accepting cryptocurrencies allows businesses to accept payments from all over the world, and gives them a chance to be recognized as a “vanguard company” that can enjoy fast, secure payments.

The development is notable, as Chile is a country in which the top cryptocurrency exchanges, Orionx, Buda, and Crypto MKT, endured what was considered a blanket ban on the crypto industry, as local banks shut down their accounts, prompting them to seek clear regulations.

The ordeal saw the exchanges take the banks, Itau Corpbanca, Bank of Nova Scotia, and state-owned Banco Estado, to an appeals court that agreed to hear them. Chile’s anti-monopoly court ordered two major banks, Banco Estado and Itau Corpbanca, to re-open the accounts of Buda, an exchange that was reportedly seeing a daily trading volume of over $1 million before its accounts were closed

As CCN covered, Orionx later on won its case against Banco Estado, as the court noted the financial institution made an “arbitrary and illegal action” in closing its account. While it’s unclear whether Crypto MKT managed to see banks re-open its accounts, the other two cases seemingly point that way.

The president of Chile’s central bank, Mario Marcel, has earlier this year revealed he is considering implementing cryptocurrency regulations that would give financial institutions information needed to “monitor associated risks.”

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This post is credited to CCN