Day: February 14, 2019

U.K. Financial Launching Gold and Silver Backed Cryptocurrency

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U.K. Financial Ltd. has introduced a new gold and silver backed cryptocurrency called Maya Preferred 223. The ERC 23 token is built on the Ethereum Classic blockchain. The company believes that the metal- backed token would “become the first cryptocurrency to be successfully used as a monetary instrument by individuals to transfer money worldwide”. UK Financial has signed contracts with gold and silver mines in Mexico for all 250 million existing Maya tokens. The opening price of the token is expected to match its backing value of approximately $18,500 USD,…

What Makes Binance the Most Profitable Crypto Exchange in a Bear Market

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Binance, the world’s leading cryptocurrency exchange by volume, is also doing great in terms of profitability, its chief financial officer told CNBC. The statement follows one of the most extended bear phases in the cryptocurrency market, during which the industry lost almost one-third of its valuation. The depressive trend prompted many small and medium-size crypto companies to shut down their operations. At the same time, big firms like Bitmain and ShapeShift resorted to layoffs to compensate their losses. But Binance walked in a different direction, according to CFO Wei Zhou, who…

Business Still Profitable, Despite Bear Market

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The chief financial officer (CFO) of crypto exchange Binance — currently the world’s largest by daily trading volumes — has said business remains profitable, despite the market downturn. The CFO, Wei Zhou, made his remarks in an interview with CNBC on Feb. 14. With Bitcoin (BTC) trailing below $4,000 for the past ten weeks — and trading around 82 percent lower than its all time price high of $20,000 to press time — Zhou implied that the exchange’s profitability is not wholly dependent on the wider market picture. “To date,…

Santander Enters $700 Million Deal to Use IBM’s Tech, Including Blockchain

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One of Europe’s largest banks, Banco Santander, and tech giant IBM have announced an agreement to accelerate the bank’s development of technologies such as blockchain. The news was announced in a press release published on Feb. 13. The five-year global technology agreement is reportedly aimed at enhancing the financial institution’s services using emerging technologies — such as blockchain, artificial intelligence and big data — provided by IBM. The deal between IBM and the largest financial and credit group in Spain is reportedly valued at approximately $700 million. The move aims…

The first cryptocurrency created by a major U.S. bank is here, and it’s from J.P. Morgan Chase

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There are three early applications for the JPM Coin, according to Farooq. The first is for international payments for large corporate clients, which now typically happens using wire transfers between financial institutions on decades-old networks like Swift. Instead of sometimes taking more than a day to settle because institutions have cut-off times for transactions and countries operate on different systems, the payments will settle in real time, and at any time of day, he said. The second is for securities transactions. In April, J.P. Morgan tested a debt issuance on the…

Bitcoin Price & Technical Analysis: BTC Fails to Continue Rising

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Photo: Roboforex / TradingView Bitcoin is trading at $3,570 Thursday, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex. On H1, the major crypto is correcting after the ascending trend reversal. The price reached 38.20% Fibo, after which the market formed a descending channel, which is being developed now. The target may lie around the support at $3,500. After it has been tested, the price may bounce to the local resistance at $3,632; if it get broken out, the BTC may then get to 50 Fibo, or $3,786. On H1, the flagship…

JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements

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United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14. In a move commentators may see as unlikely, the multinational lender will use its newly developed asset, dubbed “JPM Coin,” to increase settlement efficiency, initially within three of its operations. Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain technology’s perspectives at the bank. “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment…

JPMorgan Chase Launches ‘JPM Coin,’ Using Crypto to Speed Settlements

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United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14. In a move commentators may see as unlikely, the multinational lender will use its newly developed asset, dubbed “JPM Coin,” to increase settlement efficiency, initially within three of its operations. Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain technology’s perspectives at the bank. “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment…

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

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Photo: QuoteInspector Bitcoin bull Mike Novogratz is never shy when expressing his optimism about Bitcoin (BTC). The former Goldman Sachs partner and founder of Galaxy Digital Bank believe BTC occupies a unique segment in crypto land. He named the digital currency as ‘digital gold.’ Also, he said that its role in the cryptocurrency market is comparable to that of gold on the periodic table. Novogratz made these remarks during an exclusive interview with Bloomberg TV on February 13. He was speaking on the sidelines of the Milken Institute MENA Summit…

WikiLeaks Takes to Twitter, Labeling Craig Wright a ‘Serial Fabricator’

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WikiLeaks Takes to Twitter, Labeling Craig Wright a ‘Serial Fabricator’ February 14, 2019 by Paul de Havilland WikiLeaks has taken to Twitter to label Craig Wright a “serial fabricator”. Dr. Wright has responded, in an escalating Twitter feud, with a brazen attack against the whistleblowing organization. Also read: Fight or Flight? How Laws and a Lack of Trust Affect Bitcoin Trading We love hearing from our readers. Sound off on our Twitter or Facebook pagesCheck out our insights & interviews with influential insiders on the Bitsonline YouTube channelAnd for the only source of UNFILTERED trading volume,…