Major Pan-African Insurance Firm Rolls Back Insurance for Crypto Mining Equipment

Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry, local technology-focused new outlet ITWeb reported on June 10. Following comprehensive research of the industry, Old Mutual has arrived at a decision not to insure equipment used for digital currency mining because of the unregulated nature of the industry. Among other reasons, the company also named cryptocurrencies’ exposure to fraudulent activity and modified electronic infrastructure of mining equipment that leads to overheating and other malfunctions. Christelle Colman, an…

Standard Tokenization Protocol Raises $750K in Eight-Second Token Sale

A token sale for Standard Tokenization Protocol (STP) raised $750,000 and sold out within eight seconds, a news release claimed on June 11. The project says it offers an open-source, decentralized standard for the tokenization and issuance of any asset. Following the initial exchange offering (IEO), which was held on Bittrex, STP founder Mike Chen said: “We are excited to move forward with implementing a powerful funding mechanism for other companies that could potentially save billions in funding costs while staying fully compliant in any jurisdiction.” As well as being collected…

Next Bitcoin (BTC) Boon to Be Facebook’s Globalcoin: Industry Investor

Next Bitcoin Boon As more news has been published in regards to Facebook’s crypto venture, experts of Bitcoin (BTC) have begun to speculate as to what effect the social media giant will have on cryptocurrency. Some are taking this discussion cynically, screaming that the Silicon Valley firm’s foray into the industry is a “Trojan horse” for governments to establish a 1984-esque state. However, more and more are coming to the conclusion that the launch of Globalcoin or Libra, as Facebook’s cryptocurrency is known as, will be a massive boon for…

Next Bitcoin (BTC) Boon to Be Facebook’s Globalcoin: Industry Investor

Next Bitcoin Boon As more news has been published in regards to Facebook’s crypto venture, experts of Bitcoin (BTC) have begun to speculate as to what effect the social media giant will have on cryptocurrency. Some are taking this discussion cynically, screaming that the Silicon Valley firm’s foray into the industry is a “Trojan horse” for governments to establish a 1984-esque state. However, more and more are coming to the conclusion that the launch of Globalcoin or Libra, as Facebook’s cryptocurrency is known as, will be a massive boon for…

Canadian University Offers Graduate Training in Blockchain Tech

Canadian-based University of British Columbia (UBC) has announced a blockchain and distributed ledger technology training program for master’s and PhD students. UBC announced the development in a press release on June 11. The training path is reportedly designed to build competency around blockchain tech, and is focused on its application in four public benefit areas: health and wellness, clean energy, regulatory technology and Indigenous issues. UBC says they hope to train 139 students over a six-year period, and graduates should have the tools to evaluate blockchain solutions as well as…

Traditional Exchanges Pull Back From Reg A+ IPOs Due to Fraud Concerns

Traditional exchanges are holding off on Reg A+ initial public offerings (IPOs) following problematic offerings like that of purported cryptocurrency firm Longfin Corp., the Wall Street Journal (WSJ) reported on June 10. Earlier in June, the United States Securities and Exchange Commission’s (SEC) filed fraud charges against Longfin. The SEC claimed that Longfin fabricated 90% of its revenue and sold over 400,000 shares of Longfin that it did not have the funds to back in a scheme to secure its spot on the Nasdaq. The complaint also reportedly stated that…

BitMEX Observes Increase in Attacks on Accounts, Stresses Security Measures

Hong Kong-based peer-to-peer (P2P) cryptocurrency exchange BitMEX has reported an influx of attacks on user account credentials, according to an official blog post on June 11. In addition to covering a litany of best practices for user security, the cryptocurrency exchange stressed the importance of using two-factor authentication (2FA) in particular. The report summarizes 2FA as follows: “2FA, sometimes referred to as ‘two-step verification’ or ‘multi-factor authentication’, adds an additional layer of security to your account by requiring not only your username and password at login, but also the input…

Former US Senator Rick Santorum Joins Catholic-Focused Cryptocurrency Project

Former United States Senator Rick Santorum has joined the board of a Catholic community-oriented cryptocurrency project, according to a press release published on June 4. The former senator and Republican presidential nominee is now a board member of the Catholic community-oriented cryptocurrency project dubbed Cathio. The platform is designed to address the needs of the Catholic economy by ensuring lower costs, greater transaction visibility, and improved security for the community. Santorum was a noted cultural conservative in U.S. politics, who strongly opposed abortion and same-sex marriage on his failed presidential…

Logistics Firm Panalpina Launches Blockchain Pilots in Its Supply Chain

Swiss forwarding and logistics services company Panalpina has started blockchain pilot projects aimed at optimizing of supply chains, according to a press release on June 11. After joining the Blockchain in Transport Alliance (BiTA) in May, Panalpina — one of the world’s largest transport and logistics companies, with consolidated profit of $76.3 million in 2018 — has launched two blockchain pilots in the air and ocean freight field with selected customers. One of the projects will investigate blockchain applications in high-tech industrial goods, and the other will deal with office…

Visa B2B Connect | Cross Border Enterprise Payments on the Blockchain

Visa announced today that it is entering the $125 trillion money-transferring market and using blockchain technology to do so. Its new product, Visa B2B Connect, is newly launched and allows businesses to transfer money across the globe faster and safer. Let’s check this out. Visa B2B Connect The company has its sights set on cross-border, business-to-business (B2B) transactions, where banks transfer money on behalf of corporate customers. The global money behemoth is using blockchain in order to make these payments faster, cheaper, and more transparent. Its newly launched distributed-ledger called B2B…