Day: November 11, 2019

Chinese Forex Regulator SAFE Expands Blockchain Cross-Border Pilot

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Chinese regulator State Administration of Foreign Exchange (SAFE) expanded its blockchain cross-border financing pilot program. Local news outlet GlobalTimes reported on Nov. 11 that the system now covers 19 provinces and cities, up from nine. The development is unsurprising given that at the end of October SAFE deputy head Lu Lei said that there are plans to use blockchain and AI in cross border financing with particular attention devoted to risk management applications. “No space for human mediation” Per the report, unnamed experts hope that the blockchain implementation will allow…

Former European Central Bank President: Strongly Against Bitcoin, Crypto Is Not Real

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Jean-Claude Trichet, former president of the European Central Bank has affirmed his doubts over cryptocurrency, claiming that it can never become the future and replace fiat currency. Trichet is merely the latest anti-crypto member with a banking background to express a dislike over the new emerging technology of cryptocurrency that is perceived as a threat, which could dismantle the conventional system of international central banks by removing their firm control over currencies. At the 10th annual conference of Caixin in Beijing, Trichet said that he is strongly against Bitcoin(BTC)trade during…

Boxing Legend Manny Pacquiao’s PAC Token Set for IEO on Nov. 12

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Boxing legend and Phillipino politician Manny Pacquiao’s PAC token will become available for purchase on the Singapore-based GCOX crypto exchange through an initial exchange offering on Nov. 12, according to a press release shared with Cointelegraph. The PAC token was first launched at the start of September this year, and its main purpose is to facilitate the purchase of merchandise and social media interactions with the Philippines-born current welterweight champion. According to previous reports, the token’s launch was backed and supported by Sheikh Khaled bin Zayed al-Nahyan, a member of…

Bakkt Rolls Out ‘Critical’ Bitcoin Custody After NY Gives Green Light

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Institutional Bitcoin (BTC) trading platform Bakkt has announced it has launched its custody feature for its entire client base following regulatory approval. Bakkt: custody is “critical link” in BTC adoption In a blog post on Nov. 11, Bakkt said it had received the go-ahead from the New York Department of Financial Services (NYDFS) to offer custody services to any institution. Previously, the option was only available for those trading its Bitcoin futures. Commenting on the release, Bakkt described the custody tool as “the critical link in the institutional adoption of…

Volvo Adopts Oracle’s Blockchain for Its Supply Chain — Here’s Why

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Volvo Cars announced last week that it is using Oracle’s blockchain platform to trace cobalt, one of the main components in electric car batteries. Following the unveiling of the company’s first fully electric car, the XC40 Recharge, Volvo has come up with a new business strategy that includes introducing an electric vehicle every year through 2025. “Cobalt is at the heart of electric vehicle batteries, yet supplies are limited. Companies like Volvo are ramping up their production significantly, as half of Volvo cars will be electric by 2025. Each car…

Bakkt Expands Bitcoin Custody Service Beyond Futures Trading Clients

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Bakkt is ready to store customers’ bitcoin. Intercontinental Exchange’s bitcoin subsidiary announced Monday it would provide custody services for institutional clients. Pantera Capital, Galaxy Digital and Tagomi have already signed on as initial customers for “Baakt Warehouse,” with other “marquee firms” expected to join over the next few weeks. When it first launched, Bakkt was only able to provide custody services to clients trading its bitcoin futures contracts. Monday’s news comes amid an additional approval by the New York Department of Financial Services (NYDFS), which previously granted the company a trust…

Report: In 4 Years the Number of Crypto Jobs Multiplied by Nearly 15

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With the ever-increasing adoption of Bitcoin(BTC)trade and other cryptocurrencies, it’s no surprise that there is a soaring demand for professionals in this area. Let’s explore the job growth in crypto-related fields, and attempt to estimate the demand for blockchain talent and crypto experts for the upcoming year. The website Beseen has published a short report on how Bitcoin, alt-coins, and blockchain have affected the job market. The report analyzes the millions of job posting available on Indeed.com, one of the largest portals for job seekers, and surmises whether the future…

Bittrex Returning Crypto Funds to Iranian Users After 2-Year Freeze

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Crypto exchange Bittrex will give frozen holdings back to its Iranian users, which the exchange suspended two years ago due to the requirements of United States’ regulators. Bittrex’s Iran-based users began receiving letters from the exchange that promise to return them the funds frozen back in 2017, according to a Nov. 8 tweet published by Bittrex user Ziya Sadr.  At the time, the U.S. Treasury Office of Foreign Control (OFAC) required that Bittrex disable Iranian users’ accounts as it was not permitted to operate in countries sanctioned by the U.S.…

Can Cryptocurrency Create a New Niche in Music Streaming?

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The music streaming industry has come a long way since the old days of Napster and the first-ever downloadable music. The new technology that was the internet, combined with faster download speeds, made music sharing possible. Since those early days, regulations and structure have provided a way for companies to monetize digital content while protecting it and putting new technology to work. As the industry evolved, a few major platforms exploded into the market. These early growth leaders received huge boosts as users began tossing out their CDs and flocking…

Canadian Blockchain Firm Launches USD-Pegged Stablecoin CUSD

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Canadian blockchain research firm Blockchain Venture Capital Inc. (BVCI) has officially launched a United States dollar-pegged stablecoin, the CUSD, according to a press release published on Nov. 11. The new USD-anchored stablecoin comes four months after the firm launched CADT, a stablecoin initiative pegged to Canada’s national fiat currency. CUSD is pegged 1:1 to USD As reported, BVCI debuted CADT stablecoin in conjunction with last Canada Day on July 1. With one CUSD equivalent to one USD, the new stablecoin is expected to be used by people and businesses, and…