Deloitte Approves Gemini Crypto Exchange in High-Level Security Evaluation

U.S.-based crypto exchange and custodian Gemini has finished a SOC 2 Type 2 evaluation, proving the operation’s security. “The Type 2 is the highest level of security compliance that any organization can demonstrate,” Gemini’s head of risk, Gemini Yusuf Hussain, told Cointelegraph in an interview about the Jan. 23 announcement. Compliance focus In preparation for its SOC 2 Type 2 evaluation, Gemini achieved its SOC 2 Type 1 inspection in 2019, completed by auditing giant Deloitte. The accounting behemoth also completed Gemini’s SOC 2 Type 2 inspection, Hussain mentioned. A…

Crypto Exchange Liquidity and Why It Matters, Explained

The pure frequency of discussions concerning liquidity indicates its importance to financial markets, but what gives it that import? The definition itself (the ease with which one can exchange an asset for cash without affecting the price of that asset) is a great place to start. Stability The more liquid a market is, the more stable it is. When buying or selling Bitcoin, there are always plenty of traders on the other side willing to fill the order with minimal impact on the asset’s price. A less liquid, more obscure…

CoinDesk Q4 2019 Review: A Year in Suspended Animation

It has been over 10 years since the creation of cryptocurrencies, and while clear narratives have emerged to justify their existence, none are decisively supported by data.  For example, charts suggest bitcoin’s use case as a store of value is taking hold among some new investors, who have been shown to hold the asset through price run-ups. However, other metrics such as bitcoin’s correlation to gold suggest that, across the entire body of bitcoin investors, most are using the asset as something far different from “digital gold.” On ethereum, DeFi…

OKEx’ Lennix Lai Makes Presence Felt at Davos, Roots for 100% Financial Inclusion with Blockchain

The changing landscape of the global economy due to the technological progress in the cryptocurrency and blockchain sector is not lost on anybody. As the countries of this world look at ways to embrace this technology without treading on the toes of the well-established financial systems, some of the industry leaders from the crypto space are making their presence felt at gatherings of international importance to give insights into the blockchain space to ministers, bureaucrats and heads of financial institutions from all over the world with the intent of helping…

Disgruntled Employee Stole Bitcoin from Japanese Project Vipstarcoin

Two men have been arrested in Tokyo on suspicion of defrauding IT firm Vipstar Inc. from hundreds of thousands of dollars in Bitcoin (BTC), Mainichi reported on Jan. 23. One of the suspects is a former employee who used his access to steal money from a trading fund. Yuto Onitsuka and Takuma Sasaki are accused of stealing 78 million yen (approximately $712,000) from Vipstar, a blockchain project. They are also suspected of committing computer fraud and contravening a government act on the control of criminal proceeds. The police alleges that…

Has Quebec Missed the Ship for Attracting Cryptocurrency Miners?

The results of a 300 megawatt (MW) energy allocation for cryptocurrency miners, run by Canadian provincial utility provider Hydro-Québec, has failed to attract expected demand from the local industry. A Request for Proposals (RFP) for power allocation was opened in June last year, supposedly based on huge demand of around 16,000MW from miners around the world that wanted to take advantage of Quebec’s hydroelectric power. Bid submissions closed on Oct. 31, 2019. According to a Jan. 22 report from Radio Canada, the results of the RFP or only released recently…

Genesis Ecology Announces Its Blockchain Network That Makes Bitcoin and Existing Blockchain Networks Seem Redundant

The blockchain and cryptocurrency are an undeniably clever invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater. The community welcomed new technology and it must never stop. It continues to develop, in fact, we’re already embracing the new buzz ‘Blockchain 3.0.’ Bitcoin, Ethereum and other Cryptocurrencies have mainly been used for trading. However, the core idea was for them to act as a replacement of the traditional financial systems, mainly to decentralize finance…

Bitcoin Cash Miners Propose Controversial Soft Fork for Zcash-Style Development Fund

A group of bitcoin cash miners is preparing a soft fork to redirect some of the block rewards into a new zcash-style development fund. In a medium post Wednesday, Jiang Zhuoer, CEO of mining pool BTC.TOP, said that a group of some of the largest bitcoin cash mining pools were preparing to soft fork the network to implement a “short-term donation plan” that would cut block rewards by 12.5 percent in order to fund network development. “Investment in software and commons is crucial to secure a bright future for Bitcoin…

Binance Invests in Taiwanese Blockchain Data Monetization Startup Numbers

Major cryptocurrency exchange Binance has invested an undisclosed sum in blockchain data monetization startup Numbers. According to a post published on Binance’s official blog on Jan. 21, Numbers aims to create an open, transparent and traceable data sharing, verification and management system. The firm’s open source application reportedly allows individuals to own and monetize their personal data. Since last year, Numbers has reportedly worked with nonprofit Shoah Foundation, the Stanford University and IBM to develop data traceability and verification systems to preload on the Exodus, the blockchain smartphone of tech…

XRP, Ethereum and Bitcoin Cash Dive in Altcoin Purge: What’s Triggering It?

Top bitcoin rivals suffered major losses on Thursday after bulls failed to extend the last week’s wild upside price rally. Bitcoin SV’s BSV, after its stupefying climb before mid-January session, led the march downwards. The token fell by more than 9 percent on a 24-hour adjusted timeframe. Stellar’s XLM and Binance’s BNB followed suit, dipping by more than 6 and 5 percent, respectively. The least affected coins included Ethereum, XRP, and Bitcoin Cash, all of which fell in the range of 2-3 percent. Collectively, the ongoing altcoin purge prompted the…