Day: November 14, 2019

Canaan Targets $100 Million Through US IPO

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One of the most significant developments of the past few months in the crypto sphere has been the potential initial public offering of Bitcoin miner maker Canaan. The company is the second-biggest company in the category, and its IPO is all set to be one of the biggest events in the crypto space this year. In a new development, the company stated that it wishes to raise as much as $100 million from its IPO in the United States. The statement is a bullish one and goes to show that…

OKEx Launches USDT Margined Futures with High Leverage and Great Risk Management Systems in Place

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Trading on OKEx just became even more exciting following the inclusion of USDT-Margined Futures on the platform. The new virtual derivative product went live today, following an earlier successful simulation that started on November 5, 2019. The new USDT-Margined Futures is available with attractive leverage levels ranging between 0.01x to 100x. According to OKEx’s statement, the BTC/USDT futures product will be quoted and settled in USDT while the contract face value is set at 0.0001 BTC. With this instrument, traders can now aim to profit from the performance of USDT…

‘Unknown Fund’ to Donate $75M in Bitcoin to Crypto, Anonymity-Focused Startups

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An anonymous organization dubbed “Unknown Fund” is planning to give away $75 million in Bitcoin (BTC) to startups that are focused on anonymity and the protection of personal data. In a press release on Nov. 13, the organization — which consists of “ordinary, anonymous people from different countries” —  said it will donate the money to startups which support the idea of anonymity and specifically operate in such fields as the protection of personal information, tools of anonymity, cryptocurrencies and blockchain. Fighting the misuse of people’s personal data The idea…

Litecoin Correction Causes Serious Bearish Action, Why Further Pullback is Likely

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LTC broke out of a channel to a new descending wedge after dropping below $61 price levels earlier today. The price rejection at $66 price levels has made Litecoin stay under a bearish pressure since the weekly opening. Litecoin may gain bullish momentum if the price can reclaim $61, which appeared to be a critical confluence zone for the market. Litecoin has witnessed a lot of price reductions over the past three days due to a significant correction which is making the bears gain control of the market. However, a…

Ledger Vault Secures $150 Million Crime Insurance Policy for Digital Assets

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Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, has procured a crime insurance policy developed with broker and risk advisory firm Marsh and insurance company Arch Insurance Limited. According to an announcement on Nov. 14, the Ledger Vault platform now provides its users a customized crime insurance program for cryptocurrencies for up to $150 million. The program applies to third-party theft of the master seed and private keys, secure transmissions of the master seed fragments, and insider Ledger employee theft caused by collusion. Commenting on the new offering,…

New Law in Ukraine Obliges Citizens to Report Cryptocurrency Holdings

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The Ukrainian government has passed a new law that ensures that the citizens of the country reveal the amount of cryptocurrency they hold. The new law is part of Ukraine’s efforts to tackle the issue of corruption. One part of the new law forces citizens to disclose if them or any of their close relatives hold cryptocurrency. The aim of this legislation is for the Ukrainian government to legalize digital currencies so they can implement and collect income tax on cryptocurrency earnings and make sure that the newly emerging crypto…

Like-Kind Tax Exemption Has Never Applied to Crypto Transactions

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The like-kind exchange tax exemption is not applicable to cryptocurrency transactions, according to the United States Internal Revenue Service (IRS).  An official at the IRS Office said that U.S. taxpayers have never been authorized to postpone paying tax as part of the like-kind exchange principle even before the 2017 tax overhaul, Bloomberg Tax reports Nov. 13. Suzanne Sinno, an attorney in the IRS Office of the Associate Chief Counsel, delivered her remarks on U.S. crypto taxation at the American Institute of CPAs conference this Wednesday in Washington. According to the…

Samsung SDS to Use Zero-Knowledge Proofs on Business Blockchain

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Samsung SDS, the IT arm of tech giant Samsung, has integrated QEDIT’s zero-knowledge proof solution (ZKP) to its Nexledger blockchain. By applying ZKP, Samsung SDS intends to provide a higher level of privacy for users of its enterprise blockchain platform Nexledger, QEDIT said in a press release on Nov. 14. To apply the technology, Samsung SDS has signed a memorandum of understanding with Israeli privacy-enhancing technology provider QEDIT in Seoul. According to the announcement, the agreement was signed by Jeanie Hong, senior VP at Samsung SDS’ blockchain division, and Jonathan…

Hong Kong: Crypto Startup Launches Bitcoin Trading Venue 

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Crypto.com, a Hong Kong-based cryptocurrency service provider that offers users lending services, crypto payments through Visa debit card services and more, has announced the launch of its cryptocurrency exchange. The firm says the new crypto trading venue will be initially available to only its retail and institutional customers via its mobile app, trading API and web interface, according to a Finance Magnates report on November 14, 2019. Crypto.Com Exchange Now Live In a bid to promote unending customer loyalty by offering them a complete suite of highly functional cryptocurrency-linked financial…

Iran Offers Bounty for Illicit Cryptocurrency Mining Operations

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Iranian authorities are offering a bounty to anyone who exposes unauthorized mining operations in the country, Iranian news outlet PressTV reports on Nov. 13. A spokesman of the Energy Ministry announced the bounty program during an interview with local news outlet IRIB News, while illustrating the new electricity pricing mechanism for miners. Mostafa Rajabi, the spokesman in question, said yesterday that people who expose cryptocurrency mining operations that are illicitly using subsidized electricity will receive up to 20% of the recovery of damages. Rajabi told reporters that new regulations ban…