Day: April 29, 2019

Huobi Cloud Aims for 80 More Exchange Partners in Bid for Revenue Growth

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Singapore-based exchange conglomerate Huobi Group has a unique growth strategy for emerging markets: partner with local entities and then split the profits 50/50. Revealed exclusively to CoinDesk, the South African exchange HIZA will launch in May and join a cohort of 150 platforms under the Huobi Cloud umbrella, according to Huobi Group’s senior business director David Chen. “We will help them get their trading volume up and we’ll expand our business when the market is more mature,” Chen said, adding that up to 80 like-minded partnerships are currently in the…

Bitcoin Cash (BCH) Meltdown, down 17.8% Losing $700 million in 3 Days

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Bitcoin Cash free fall, down 17.8 percent Hash rate, median transactional value and public addresses dismal Roger Ver is of the view that BCH is a medium of exchange coin, and Bitcoin supporters are lost. However, other statistics reveal that Bitcoin Cash activity is low with a median transactional value of less than one cent. At the same time, the hash rate is flat with dwindling public addresses. Bitcoin Cash Price Analysis Fundamentals On one end, Roger Ver, the main protagonist behind Bitcoin Cash, maintains that BCH supporters never left…

NYSE-Linked Bitcoin Exchange Bakkt Just Unveiled a Major Acquisition

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By CCN: Bakkt – the cryptocurrency startup launched by New York Stock Exchange (NYSE) owner Intercontinental Exchange – just yanked the lid off the full range of its blockchain ambitions. The firm announced today that it has acquired Digital Asset Custody Company (DACC) as part of its efforts to gain regulatory approval for its crypto products. Reportedly, Bakkt is less concerned with merely building a Bitcoin exchange than they are with offering institutional custody and payment platform services, all of which still requires regulatory approval. Bakkt Acquires Crypto Custodian DACC…

Former CFTC Exec and Crypto Advocate Bart Chilton Dies at Age 58

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Bart Chilton, former executive at the U.S. Commodity Futures Trading Commission (CFTC) and known crypto advocate, has died at age 58 after a reportedly sudden illness. TV channel RT America broke the news on April 27. A former member of the United States House of Representatives from 1985 to 1995, Chilton served at the CFTC’s Energy and Environmental Advisory Committee and the Global Markets Advisory Committee from 2007 to 2014. After CFTC, Chilton joined the law firm DLA Piper as a senior policy advisor for regulatory and public policy issues.…

Bakkt Gives Update On Bitcoin (BTC) Futures Contract, Unveils Custody Details

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Bakkt Unveils Bitcoin Custody Plan At last, the crypto space has been blessed with another update from Bakkt, the Bitcoin (BTC) initiative from the Intercontinental Exchange. On Monday morning, Adam White, the COO of Bakkt who hails from a Coinbase executive position, released an extensive Medium post about how his firm intends to store the BTC backing its proposed futures contract. Following a brief monologue about the importance of custody, which included terms like “the future of digital asset infrastructure,” “ironclad infrastructure and a security-first mindset,” and others that accentuated…

ICE’s Bakkt Announces Acquisition of Digital Asset Custody Company

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Intercontinental Exchange (ICE)-lead institutional cryptocurrency trading platform Bakkt has аcquired a crypto custodian service, the firm announced on April 29. In a blog post, Bakkt announced a number of new measures in its apparent effort to stimulate regulatory feedback, including the acquisition of Digital Asset Custody Company (DACC). DACC’s team will also be joining Bakkt, and the blog post notes that “DACC’s native support of 13 blockchains and 100+ assets will serve as an important accelerator.” The post states that Bakkt has filed with the New York Department of Financial…

Bitcoin Rally Takes a Breather After Market Gets “Bitfinexed” Once Again: BTCManager’s Week in Review Apr 29

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The price of bitcoin closed effectively unchanged versus last week’s close – after hitting a recent high of $5,640 – as a result of the New York Attorney General Office’s claims that Bitfinex has been covering up an $850 million loss using funds from its sister company Tether. The Big Stories New York Attorney General Letitia James announced on April 25 that her office obtained a court order against iFinex, the parent company of Bitfinex and Tether, to investigate potential fraud involving the mishandling of funds. She alleges that the…

SEC Suspends Trading in Securities of Crypto Exchange Bitcoin Generation

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The United States Securities and Exchange Commission (SEC) has temporarily suspended trading in the securities of crypto exchange Bitcoin Generation, the government agency announced on April 29. In a statement, the SEC said the suspension will be effective from 9:30pm EDT on April 29 until 11:59pm EDT on May 10. The SEC said it had taken the decision “due to concerns about the accuracy and adequacy of information in the marketplace” surrounding its outstanding common stock, promotional activities and the impact they had on the market, as well as the…

Galaxy Digital Posts Net Loss of $272.7 Million for 2018

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Galaxy Digital CEO Michael Novogratz reportedly compared the final quarter of 2018 to watching Game of Thrones. Crypto investment bank Galaxy Digital had a net loss of $272.7 million in 2018, the company announced in a news release on April 29. According to The Block, CEO Michael Novogratz said the final quarter of the year for the crypto industry “felt a little bit like watching Game of Thrones last night” — alluding to the show’s reputation for bloody, violent storylines. He reportedly told shareholders during a conference call: “The results…

Bitmain Aims to Leapfrog Competition With Its Next-Gen Bitcoin Miner

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On April 28, the China-based mining rig manufacturer Bitmain Technologies announced the launch of its latest Antminer T17 model which processes roughly 40 terahashes per second (TH/s). The machine delivers better power efficiency with 55 joules per terahash (J/TH) and the T17 is also equipped with second-generation TSMC 7nm semiconductors. Also read: Statistics Show Bitcoin Cash Is a Strong Contender After Crypto Winter Bitmain’s Newly Launched Antminer T17 Boasts 40TH/s Bitmain has announced its latest product release with the new T17 model, a mining rig that supposedly boasts 40TH/s at…