Day: August 16, 2018

Binance LCX Launches Fiat-to-Crypto Exchange in Liechtenstein

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Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), has announced the launch of a fiat-to-crypto exchange, according to a press release published August 16. The new trading platform will be located in Liechtenstein and offer trading between Swiss Francs (CHF) and euros (EUR) against major digital currencies pairs, subsequently adding more trading pairs following regulatory approvals. Binance will provide and support the platform, while Binance LCX will lead customer support, regulatory compliance, and government communication. Adrian Hasler, Prime Minister of Liechtenstein, commented the launch: “We are…

Strong US Dollar, Not ICOs, Drove Recent Cryptocurrency Market Decline

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The cryptocurrency markets experienced a slight pullback on Thursday but have more or less managed to maintain the midweek recovery that followed Monday’s massive sell-off. As CCN reported, some analysts attributed that decline — which affected ethereum to a far greater extent than bitcoin — to ICO-funded startups cashing out their capital before the market takes an even further dip. Arthur Hayes, CEO of cryptocurrency derivatives exchange BitMEX, added that he believes nervous VCs will soon begin moving out of their ICO tokens and ether holdings, which he forecasts will…

BCG Report Offers ‘Reality Check’ for Blockchain in Commodities Trading

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Major U.S. consulting firm Boston Consulting Group (BCG) has released an in-depth report August 16, which it dubs a “reality check” for the use of blockchain in the commodity trading industry. For commodities trading, BCG argues that there is a strong argument for using blockchain, while taking stock of “significant drawbacks on several fronts.” The report tackles both the “hype,” but also many of the negative “misperceptions” that distort people’s view of the technology. According to BCG, blockchain at first glance appears to be “a natural fit for the commodity…

How New Technology Is Helping Those in Need in Novel Ways

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There has been a lot of discussion about how cryptocurrencies and blockchain can transform the world’s economy — leaving paper money behind and going truly digital. Indeed, many crypto businesses are pursuing solutions which can eradicate inefficiencies in practically every industry, positively affecting the goods and services we use every day. But away from the profit margins, is there any way that blockchain can be a force for good? Some not-for-profit organizations — as well as companies and individuals who want to give back to the community — have shown…

Toshi Goes Native to Become ‘Coinbase Wallet’

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Toshi, the open source decentralized app (DApp) browser and wallet developed by Coinbase, is now going native to become “Coinbase Wallet,” according to an official Medium post published August 15. The exchange presents the move as more than just a rebranding exercise, suggesting that the wallet will develop over time to offer more functionality than existing crypto wallets and serve as a “gateway” to the decentralized web and an “open financial system.” Initially, the wallet offers support for Ethereum (ETH) and ERC-20 tokens, but will reportedly support Bitcoin (BTC), Bitcoin…

Hashrate Rise of Bitcoin Shows Investors are Happy in Long-Term

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The hashrate of the Bitcoin network, which represents the amount of computing power securing the blockchain, has continued to increase despite the 70 percent decline of BTC since January of this year. David Sapper, chief operating officer at Australia-based cryptocurrency exchange Blockbid, said in an interview with Bloomberg that the continuous rise in the hashrate of Bitcoin demonstrates the satisfaction of investors in the long-term trend of the dominant cryptocurrency. “The increased hash rate means people are here for the long-term because they’re happy to just accumulate what they have,…

Bank of China Partners With China UnionPay to Explore Blockchain for Payment Systems

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The commercial, state-backed Bank of China (BOC) and financial services corporation China UnionPay (CUP) have entered into a partnership, according to an August 15 announcement. Per the terms of the agreement, the two parties will jointly explore blockchain technology applications for payment system development. The partnership comes in response to market demand and regulatory requirements, giving rise to further opportunities for cooperation between the two parties in the field of cross-border mobile payments. The BOC and CUP will jointly investigate big data and distributed ledger technology deployment in order to…

Inside Wormhole’s Quest to Dethrone ERC-20

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Last week, Bitcoin.com CEO Roger Ver and lead developer Corbin Frasers unveiled a new tool which allows developers to issue tokens on the Bitcoin Cash blockchain, hosted on their publication. “For better or worse, ICOs and CryptoKitties are probably coming to Bitcoin Cash in the near future,” Fraser said half-jokingly, to which Ver optimistically added that “they are probably coming to Bitcoin.com, too,” hinting that his publication might hold an ICO based on new tokens. This became possible with the arrival of the Wormhole protocol, which might challenge the ERC-20…

SEC Intensifies Probe Into Biotech-Turned-Crypto Mining Firm Blockchain Riot

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The U.S. Securities and Exchange Commission (SEC) has intensified its investigation into crypto mining firm Blockchain Riot, according to the firm’s latest 10-Q quarterly report filed August 14. Riot Blockchain is a former biotech firm that changed its name to contain the word “blockchain” last year, seeing valuations skyrocket from $8 a share to over $40 as a result, according to a CNBC report. It is reportedly currently operating a crypto mining facility in Oklahoma City. This week’s quarterly earnings report reveals that the firm received a letter from the…

Airbnb Co-Founder Participates in Almost $23 Million Funding Round for Crypto Startup

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Cryptocurrency trading platform SFOX has announced the closure of a $22.7 million Series A funding round with participation from Airbnb co-founder Nathan Blecharczyk, according to an August 16 press release. Co-founder and partner at Tribe Capital and Social Capital, Arjun Sethi, led the Series A funding round for the U.S.-based cryptocurrency dealer SFOX, with participation from Y Combinator, Khosla Ventures, Digital Currency Group, Blockchain Capital, and Blecharczyk. The press release notes that the cryptocurrency dealer aims its services at “large-scale investors such as funds, family offices, and high-net-worth individuals,” and…