Day: April 3, 2020

Case for an Immediate Bitcoin Upsurge Is Flawed

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The block reward halving of Bitcoin (BTC) has long been touted as an optimistic factor to drive the short-term price trend of BTC in the first half of 2020. Historical data, however, shows that the halving does not necessarily coincide with an immediate upsurge in the price of Bitcoin. On the Bitcoin network, miners create blocks that record Bitcoin transactions to essentially verify and confirm payment data using computing power. Through large-scale mining centers filled with ASIC mining chips and sophisticated equipment, miners use a large amount of electricity and…

150-Year-Old Chinese Gas Company Ramps Up Blockchain Adoption

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Chinese energy company, Shanghai Gas, announced an expansion of its blockchain efforts following a successful trial partnership with supply chain management blockchain firm, VeChain (VET), on March 31. Shanghai Gas, founded in 1865, is owned by utility services company, Shenergy Group — which claims to occupy more than 90% of Shanghai’s gas market. The firm has an annual supply of over 8 billion cubic meters. Shanghai Gas expands blockchain adoption Shanghai Gas’ trial used distributed ledger technology, or DLT, provided by VeChain to comprehensively monitor its supply chain and identify…

South African National Blockchain Alliance Holds Online Launch

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The South African National Blockchain Alliance carried out an online livestream launch while the country is in the midst of a 21-day lockdown to curb the spread of the coronavirus pandemic. The organization was due to be launched at the beginning of April in Johannesburg but had to be taken online as South Africa and the world tackles a global health crisis. The launch happened during a livestream on YouTube on April 3, which included a panel of speakers elaborating on how SANBA will help nurture blockchain-focused startups and companies…

UnionBank Head Foresees the End of Physical Cash

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Edwin Bautista, president and chief executive of UnionBank of the Philippines, has forecast that the coronavirus outbreak will drive banks to shift towards digital currencies, leaving physical cash behind. As Euromoney reported on April 3, Bautista noted that the pandemic provoked a heightened demand in online banking services, pushing banks to revise their digitization strategy. “Certainly, this pandemic amplifies the need for all banks to go digital now,” Bautista said. Going further, the exec projected the beginning of the end of hard cash, especially if central banks fail to deliver…

Crypto Traders Allegedly Involved in a $35m Ponzi Scheme

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Three alleged cryptocurrency traders ran a Ponzi scheme which scammed more than 100 investors for over $35 million, according to a lawsuit filed by an entity formed by the victims in a federal court of Florida, United States. According to an announcement published on April 2, Q3 Investment Recovery Vehicle, who represents defrauded investors, accused the trio of alleged crypto traders of cheating victims by promising them a winning trading formula.  Former NYSE and Wells Fargo workers among the accused  The federal securities fraud case names three individuals as the…

ShapeShift Enables US-Based Customers to Buy Crypto With Debit Card

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Switzerland-based crypto exchange, ShapeShift, has enabled its United States-based customers to buy Bitcoin (BTC) and Ethereum (ETH) with a debit card in the new exchange’s platform. ShapeShift’s founder, Eric Voorhees, announced the development in a tweet on April 3, saying: “If you’re in the US, you can buy Bitcoin instantly in the new ShapeShift.com platform with your debit card. You can literally have the Bitcoin, in your possession, five minutes from now.” KYC processes compliance ShapeShift’s new platform doesn’t require account verification to purchase cryptocurrencies, which has led to questions…

Amid Widespread Privacy Coin Delistings, Bitstamp Considers Zcash Support

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Bitstamp, one of the longest-running active cryptocurrency exchanges, is considering launching a batch of new crypto asset listings. Curiously, Bitstamp is contemplating support for Zcash (ZEC), despite an increasing number of exchanges seeking to distance themselves from privacy coins due to associated regulatory risks. Bitfinex considers first new listings in 3 years On March 31, Bitstamp announced it is “actively exploring” support for seven crypto assets, including two stablecoins and one privacy coin. The prospective listings comprise Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar Lumens (XLM), Paxos Standard (PAX),…

What Is The Big Shift In Blockchain Industry Amid Coronavirus

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The entire world is confused and shocked due to the growing rate of people getting affected by Coronavirus. Till now, the deadly virus has caused thousands of deaths worldwide. From bankers and lawyers to digital marketing analysts and crypto miners, this deadly infection has affected the careers of thousands of employees worldwide. Moreover, no Vaccine has been developed so far to cure this infectious disease. Coronavirus is more infectious than SARS The death toll in countries such as Italy and the US is rising every day. The death rate of…

As Malta Delays Regulatory Clarity, Fewer Firms Remain on ‘Blockchain Island’

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It seems that Malta is becoming both less popular among and less populated with crypto firms. The European Union country attracted dozens of industry players in 2018 on the back of the “blockchain island” agenda championed by the local government, but the relevant framework has not yet proven to be effective. Meanwhile, the official rhetoric apparently started to shift away from the blockchain sector, as the government now aims to consolidate it with “other niche sectors.” Meanwhile, the Malta Financial Services Authority, continues to pluck out non-registered crypto agents —…

Bail Bloc Founder Says How Monero Mining Can Help ICE Detainees

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One cryptocurrency project is using Monero (XMR) to give undocumented immigrants a better shot at a fair treatment in the United States judicial system. The Bail Bloc project collects cryptocurrency to help people get out of pretrial incarceration for cases with the United States Immigration and Customs Enforcement (ICE). Unlike conventional charities, Bail Bloc doesn’t want your money — it wants your computer processing power. Cointelegraph reached out to Bail Bloc co-creator Grayson Earle for deeper insight into the initiative. Detainees make bail with Monero Users download a special app…