Month: March 2020

US Firm Plans $100 Million ICO to Fund Electric Vehicle Production in Africa

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Alternet Systems Inc (ALYI), an energy storage, military application, and electric motorcycle firm, has entered into a new partnership to launch a cryptocurrency dedicated to funding electric vehicle projects in Sub-Saharan Africa, according to a March 11 announcement. While Alternet did not name the company it has partnered with, Alternet Systems revealed that the cryptocurrency has successfully been minted on the Ethereum blockchain. Alternet Systems plans $100 million ICO ALYI plans to raise $100 million through an initial coin offering (ICO), adding that the planned token sale has “received interest…

Crypto Networks Stress Tested During Bitcoin’s Wild Week

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Crypto valuations haven’t been the only casualties of this week’s market crash; crypto networks have also felt the strain. As onchain activity has ramped up in response to the market slump, fees have soared and the mempool filled on the BTC and ETH chains. Other crypto networks have operated smoothly, however, despite the pandemonium. Also read: Market Update: Cryptocurrency Market Cap Sheds $90B, Margin Calls Spike, Futures Slide Mempool Fills on Bitcoin’s Most Volatile Day in a Year As bitcoin lost 50% of its value on Black Thursday, traders rushed…

Italian Red Cross Launches Bitcoin Fundraiser to Combat Coronavirus

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The Italian Red Cross and the Colli Albani Committee are raising donations Bitcoin and other cryptocurrencies to fight the country’s coronavirus pandemic with the support of Helperbit, as announced on March 12. Goals of the new campaign Proceeds from the campaign will reportedly be used to set up a second-level advanced medical post for pre-triage of COVID-19 cases in the country, and it is expected to reach a goal of €10,000 to buy the necessary medical equipment for the infrastructure.  The remaining funds will be used to cover the fees…

Rhode Island Blockchain Act Seeks Regulatory Clarity for Crypto, Representative Place Explains

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Although Rhode Island’s recent Blockchain Act does not explicitly reference cryptocurrencies, the bill aims to provide regulatory clarity for them. “If you look at the legislation, it doesn’t necessarily mention crypto specifically, but when it talks about complex financial instruments and things of that nature, that’s what it’s referring to — it’s referring to cryptocurrency,” Rhode Island state representative David Place told Cointelegraph in an interview. The bill looks like a blockchain-only bill, but also includes crypto Rhode Island state representatives David Place and Blake Filippi sponsored a new bill…

BitMex Insurance Fund Tags ATH, Binance and Deribit Inject Millions

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The March 13 crypto market meltdown ravaged cryptocurrency companies across the industry, sparking a MakerDAO debt crisis and causing millions to be deployed from the insurance funds of exchanges Binance and Deribit. In spite of the widespread carnage, the insurance fund of leading derivatives exchange, BitMex, only took two days to break back into new all-time highs. BitMex insurance fund posts new all-time high Despite going offline for 45 minutes due to a “hardware issue” late March 13, BitMex appears to have emerged from the recent cryptocurrency market massacre stronger…

Quarantined Masses Shopping With Bitcoin (BTC) Amid COVID-19 Fears

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Quarantine measures imposed by states the world over in the wake of the COVID-19 pandemic have led to a surge in screen time use and online shopping among the masses. Interestingly, this has also had a bearing on the use of cryptocurrencies for online shopping leading to “unprecedented growth” for several crypto payment processors. This, according to a report by Coindesk, March 13, 2020. Coronavirus Boosts Bitcoin Use Declared a global pandemic by the World Health Organization (WHO), COVID-19 has had a trickling down effect on the use of cryptocurrencies…

OKEx Announces Elite Trading Team Contest on its Derivatives Product, Offers 150,000 USDT Reward

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The global cryptocurrency spots and derivatives exchange platform, OKEx doesn’t need any introduction. Known for its trading and other cryptocurrency-related products and services, the platform has now started an initiative to encourage and reward its traders. The Elite Trading Team Contest by OKEx offers a chance for traders on the platform to grab a share of the 150,000 USDT reward allocated to be distributed among the best performing individuals and trading teams. The trading contest will begin from March 23, 2020, at 10 AM and go on till 10 AM…

EthCC Paris Attendees Urged to Get Tested After Seventh COVID-19 Case

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The number of attendees of the Ethereum Community Conference (EthCC) conference in Paris to contract coronavirus has now increased to seven — highlighting the urgent need for attendees to get tested for COVID-19. The EthCC conference took place from March 3 until March 5 — just a few days prior to the Macron government banning all public gatherings of more than 1,000 people in France. First confirmed COVID-19 case among EthCC attendees announced on March 11 The first confirmed case among EthCC conference-goers was TorusLabs co-founder, Zhen Yu Yong, who…

Court Backs County for Electricity Price Hike Targeting Crypto Mining

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A Washington court has ruled against one individual and five companies that sued the Grant County Public Utility District No.2 for suddenly creating a new electricity pricing schedule for power consumed by “emerging industries” in December 2018. On March 12, Judge Rosanna Peterson of the U.S. District Court for the Eastern District of Washington found that the plaintiffs were unable to demonstrate that the country violated federal electricity laws. Cryptocurrency mining nearly tripled the annual electricity demand in Grant County The miners first began operating in the county during 2017…

Cryptocurrency News From Japan: March 8-14 in Review

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This week’s headlines from Japan included GMO Coin reporting record transaction volume from February, BitFlyer surpassing 2.5 million users, Tokai Tokyo Securities joining the Japan STO Association, and SBI FX seeking margin trading licensing. Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. GMO coins exchange posts record high numbers GMO Coin exchange, a subsidiary of GMO Financial Holdings, reported that February yielded all-time high transaction numbers after the exchange added 4x margin trading to its platform. GMO’s transactions from sales offices, exchange trading,…