Day: September 13, 2018

Blockchain Security Co. BitGo Gets Regulator’s Green Light to Become Crypto Custodian

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American crypto wallet and blockchain security firm BitGo has received a state trust company charter from the South Dakota Division of Banking, making it a qualified custodian for crypto, CNBC reports September 13. By creating its trust company, California-based BitGo will now be subject to regulatory scrutiny that encompasses know-your-customer (KYC) and anti-money-laundering (AML) checks and the filing of financial audits and monthly disclosures. As it launches its regulated crypto custody offering, BitGo co-founder and CEO Mike Belshe told CNBC that: “This is the missing piece for infrastructure — it’s…

Berkeley Professor Questions Stablecoin Viability in Unflattering Op-Ed

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University of Berkeley Professor Barry Eichengreen has taken a swipe at the viability of stablecoins in an op-ed published on Project Syndicate. The critique, entitled “The Stable-Coin Myth,” argues stablecoins are not automatically “viable” just because they are pegged to an asset, though Eichengreen does believe they have an advantage over “conventional cryptocurrencies” such as bitcoin which he says “is highly unstable” and “unattractive as units of account.” “Stable coins purport to solve these problems. Because their value is stable in terms of dollars or their equivalent, they are attractive…

Bitcoin Price Intraday Analysis: BTC/USD Invalidates Bear Pennant

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Bitcoin price on Thursday escaped its prevailing downtrend and appreciated close to 3 percent against the US Dollar. The BTC/USD started the day in support of the late-night breakout action from Wednesday, in which the pair broke above the symmetric triangle resistance – what could have been a bear pennant if the price had continued to its downtrend. Therefore, the price continued to form high highs during the Asian trading session, a sentiment that rippled through the entire European trading day. Overall, BTC/USD managed to retest the very psychological resistance sentiment…

FOAM Is Live: Decentralized World Map Launches on Ethereum

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One of the year’s most hotly anticipated blockchain applications is now live. FOAM, which aims to build a reliable, resilient world map using smart contract technology, announced that the decentralized application (dapp) has launched on the ethereum blockchain and is already “seeing the first users populate the map.” Speaking to CoinDesk in June, FOAM co-founder and CEO Ryan John King explained the motivation behind the dapp, saying “people think location is a solved problem.” Rather, King argued, centralized mapping services like GPS – which is owned by the U.S. government…

Canaan’s Former Chief Chip Maker to Release New Line of Ethereum ASICs

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A chip designer with extensive experience in developing bitcoin mining devices is turning her sights on the ethereum protocol. Chen Min, the former chief chip maker at bitcoin mining chip developer Canaan Creative, launched a new venture to build cryptocurrency mining devices called Linzhi. The firm’s first project tackles the ethhash algorithm used by ethereum and ethereum classic, with a new line of application-specific integrated circuits (ASICs) miners set to be released sometime next year. Dubbed Project Lavasnow, Linzhi’s new ethereum miner claims to use 1/8th the amount of electricity as…

New Crypto Exchange Aims to Become Leading Platform in Europe by 2020

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An upcoming cryptocurrency exchange is aiming to become a leading player in Europe by 2020 — listing cryptocurrency altcoins as well as helping startups to get their Initial Coin Offerings off the ground. Blockchain.io says it will keep exhaustive accounting records that are regularly audited — and give peace of mind to customers by making extensive efforts to comply with the regulations in their jurisdiction, along with international laws. In the long run, it hopes this will help prevent scenarios where customers’ assets are seized or frozen by government officials.…

Ethereum, Monero Lead Crypto Market Recovery with 17% Gains, Each

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The cryptocurrency market capitalization on Thursday recovered by almost 6.8 percent after establishing its yearly low just yesterday. All the top coins recorded decent bullish corrections, with Ethereum and Monero leading the charts with maximum gains. of 17 percent each. Dash, Cardano, IOTA, Tron, and Litecoin closely followed with a double-digit percentage rise in their respective values. Bitcoin, on the other hand, surged comparatively lower than its peers – around 3 percent. The upsurge has added $12.7 billion back to the cryptocurrency industry since its bottom formation around $186 billion.…

Dogecoin, the Dog Meme Cryptocurrency that is Outperforming Bitcoin and Ethereum

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Dogecoin, a top 20 altcoin inspired by a dog meme, has recently increased over 160 percent in value in the last month. According to Business Insider, Dogecoin is the only cryptocurrency token that has strong positive returns in August 2018. Dogecoin Comes Out On Top in the Crypto Market Unlike the general cryptocurrency market, Dogecoin, the token that features the Shiba Inu dog from the “doge” internet meme, is currently seeing significant positive returns. According to the Sydney Morning Herald, the token was introduced in 2013 by Jackson Palmer, an…

Morgan Stanley Joins the Bitcoin Derivatives Party

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An anonymous source revealed on September 13, 2018, that Morgan Stanley will soon launch a Bitcoin derivative available to institutional investors. Interested parties will have actionable “synthetic exposure” to the leading cryptocurrency’s market movements. The announcement ties neatly into the recent news of Citigroup’s digital asset receipts and Goldman Sach’s non-deliverable forwards. Morgan Stanley Eager to Join As per Bloomberg, the sizeable American bank will develop a complex derivative product based on Bitcoin’s performance. Investors eager to join the market, but unsure or averse to risk, will now be able…

10 Years After Lehman: Bitcoin and Wall Street Are Closer Than Ever

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Hank Paulson, former secretary of the U.S. Treasury, called it “an economic 9/11.” Having loaded up on mortgage debt that went sour, then failed to find a savior in the government or private sector, the 158-year-old Wall Street investment bank Lehman Brothers filed for bankruptcy on Sept. 15, 2008. The fallout over the following days, weeks and months would threaten to topple the entire financial system, necessitating trillions of dollars in rescue lending to banks and other firms by governments and central banks. The global financial system hadn’t looked more…