Day: August 8, 2019

Korea Exchange Affiliate Koscom to Launch DLT Platform for Unlisted Shares

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South Korea’s state-backed financial IT firm Koscom will develop a blockchain-powered platform for trading unlisted securities. Koscom to launch blockchain-based unlisted shares trading service in H2 2019 Launched by South Korea’s Ministry of Finance and primarily backed by the Korea Exchange, Koscom plans to launch its blockchain-based platform for unlisted securities in the second half of 2019, local newspaper The Chosun Ilbo reported on Aug. 6. According to the report, the initiative six local companies and organizations are participating in the initiative, including Koscom, KEB Hana Bank, Hana Financial Investment,…

Bitholic Now Bithumb Singapore in New Expansion by South Korean Bithumb

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Singapore-based cryptocurrency exchange Bitholic has changed its name to Bithumb Singapore this month. Bithumb, for its part, is known as a cryptocurrency exchange based in South Korea. Local media News1 Korea shared the announcement in a report on Aug. 8. According to the report, the name change is part of an overseas expansion for Bithumb; however, the paper notes that Bithumb’s equity structure remains unknown. According to the announcement, the exchange’s name change occurred sometime this month. Moreover, a Bithumb official reportedly confirmed with the outlet that “Bitholic plans to…

FedNow — US Federal Reserve Payment Tool a Threat to Banks, Not Crypto

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At the start of August, the United States Federal Reserve Board announced its plan to release a real-time payments and settlements service in order to boost the payments infrastructure in the country. Called FedNow, the service will reportedly “permit banks of every size in every community across the country to provide real-time payments to their customers” by 2023 or 2024.  The move seems to coincide with the U.S. Senate’s renewed interest in crypto regulation, although the Federal Reserve has been planning to renovate the payment system for some time now.…

SBI Holding’s VC Trade Crypto Exchange Integrates New KYC and AML Tech

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Japanese cryptocurrency exchange VC Trade has integrated an anti-money laundering (AML) compliance technology developed by Taiwanese digital currency hardware wallet company CoolBitX. As Japanese finance-focused news outlet Blocktempo reported on Aug. 8, VC Trade — a crypto exchange founded by Japanese financial giant SBI Holdings last June — has adopted CoolBitX’s Sygna, a know-your customer (KYC) and AML compliance technology focused on digital currency transactions.  CoolBitX’s founder and CEO Michael Ou ostensibly explained that the Sygna system allows users to withdraw assets to their wallets through a KYC multi-level checkpoint.…

ETC Labs Launches Studio Program to Support Developing ETC Projects

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Ethereum Classic (ETC) Labs incubator today officially announced Studio, its new program to support the launch of new projects on Ethereum Classic. ETC Labs Studio to support firms seeking to launch projects and crowdsales on ETC According to an official blog post from Aug. 8, the ETC Labs Studio will now support companies that seek technical and marketing expertise for new projects and crowdsales. The new program intends to share technical expertise to promote building and implementation of decentralized applications and crowdsales, as well as provide guidance on project launch…

Binance Ready to Fish out Blackmailer with 25 Bitcoin

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Binance, the world’s number one cryptocurrency exchange by trading volume is offering a 25 BTC ($297,000) reward to anyone with relevant clues that could help it fish out the extortionist that has been spreading people’s identity verification data all over the internet, claiming the images were obtained from the exchange via a hack, according to a press release on August 7, 2019.  Binance Declare War on Extortionist As reported by BTCManager on August 7, 2019, leading bitcoin trading venue, Binance, announced it had been contacted by an unidentified person that…

Coinbase Custody Adds New York Banking Regulatory Experts to Its Board

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Coinbase Custody Trust Company has appointed two new members, previously of the New York State Banking Department and the New York Department of Financial Services, to its Board of Directors. Welcoming banking regulatory veterans Per a blog post published on Aug. 8, New York banking regulatory experts Richard Neiman and Robert Easton will now be a part of Coinbase Custody’s Board of Directors. The company claims Neiman and Easton to be particularly important for its further development as Coinbase Custody is regulated by the New York Department of Financial Services…

Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets

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Bitcoin is outperforming gold amid heightened uncertainty in the global markets. The world’s most valuable cryptocurrency is currently trading at $11,700, representing 16 percent gains on a month-to-date basis. Meanwhile, gold, the traditional safe-haven asset, has added 6 percent this month. The precious metal picked up a bid at $1,400 on Aug. 1 as the U.S. President Trump’s decision to escalate trade tensions with China triggered a flight to safety. The S&P 500, a global benchmark for riskier assets, fell 0.90 percent on the same day. The risk aversion worsened…

Binance Hackers Bombard Chipmixer to Launder at Least 4,836 BTC

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At least 4,836 Bitcoin (BTC) of stolen from Binance exchange in May 2019 was laundered through crypto mixing service Chipmixer. Attackers started laundering the stolen funds in a month after the hack Following a major Binance’s security breach that resulted in a loss of 7,000 BTC (more than $80 million at press time), hackers started to launder the stolen funds on June 12, 2019, according to research published by Luxembourg-based crypto capital flow firm Clain. As Clain noted in the study, it was pretty straightforward to trace the subsequent steps…

Technical Indexes and Stakeholders Agree Bitcoin is Set for a Spike

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Bitcoin may have ended its recent price correction and could be on its way to another rally. The coin is expected to hit $12,000 in the near future. After more than a few weeks of correction and consolidation, Bitcoin is slowly gaining its momentum and looks ready to rally again. The next major resistance level Bitcoin is to surpass for the likelihood of a major surge is somewhere around $13,000. According to data from CoinMarketCap, Bitcoin is a little above $11,700 and is on its way to $12,000. Judging by…