Day: August 14, 2020

China to Extend Testing of Digital Yuan to Beijing, Tianjin and Others Areas

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China is set to expand its digital yuan testing to Beijing, Tianjin, and other acclaimed prosperous provinces in the country. No timeline has been set for this move. According to the Wall Street Journal report released on August 14, Asian economic and tech giant China will be extending its Proof of Concept (PoC) for its proposed digital yuan to some of the most prosperous provinces in the country.  The plans made known by China’s Commerce Ministry will see the government expand its pilot testing program of the digital yuan to…

WeWork Gets New Commitment of $1.1 Billion from SoftBank

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Embattled workspace sharing company WeWork has received a new commitment from Japanese multinational conglomerate SoftBank. WeWork recently got a $1.1 billion commitment from SoftBank Group Corporation (OTC: SFTBF). Following this, WeWork told employees that the company had slashed its burn rate by almost 50% from the end of 2019. Referring to the second-quarter earnings result, WeWork revealed how the persisting pandemic has affected business in an email to employees. However, the company is confident that its financial position is secure. In the email, the chief financial officer of WeWork Kimberly…

Tech Giants Oracle and Salesforce Accused of Violating EU GDPR

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It has become known that the nonprofit organization Privacy Collective filed a class action lawsuit against tech giants Oracle and Salesforce for violating EU GDPR. Two American multinational tech companies Oracle Corporation (NYSE: ORCL) and Salesforce.com Inc (NYSE: CRM) are facing a multi-billion dollar class-action lawsuit for violating EU General Data Protection Regulation (GDPR) in their processing and sharing of data for advertising purposes. The lawsuit was filed by a nonprofit organization Privacy Collective whereby it alleged the two companies are misusing consumers’ personal data through their third-party cookies Bluekai…

Japanese Multinational’s Blockchain App Taps India’s Tech Talent Pool Neglected By Trump’s Visa Ban

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NEC Corporation, the Japanese multinational firm is taking advantage of the hole created by President Donald Trump’s US H-1B visa ban, which has left thousands of technology talents in limbo as they are unable to secure work within the United States with their specialized skills. NEC Corporation, a Japanese multinational information technology and electronics company, has partnered with Persol Career, a job-hunting firm, to pilot its blockchain app to help corporate Japan recruit Indian tech engineers. Nearly 2000 Indians are expected to be hired via the app in the next…

iQIYI (IQ) Shares Drop 18% Following Fraud Investigation By the SEC

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The shares of iQIYI plummeted on Thursday and the after-hours trading following a fraud investigation by the SEC into the Baidu-backed firm. The shares of Chinese Netflix-style service provider iQIYI Inc (NASDAQ: IQ) plunges after the Securities and Exchange Commission (SEC) launches a fraud investigation into the company. The early allegations of fraud in iQIYI were first brought to limelight by Wolfpack Research, a self-proclaimed “activist research and due-diligence firm,” who released a report accusing iQIYI of fraud and inflating its numbers. This report has placed iQIYI on the radar…

KNC Climbs 20% to Hit $2; Technicals Suggest Rally Towards $2.78

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Kyber Network’s native token KNC appreciated enormously on Friday, with its price hitting $2 for the first time since May 2018. The 41nd-largest cryptocurrency market cap surged 20 percent in the last 24 hours. The gains appeared without any real fundamental catalysts, pointing to more considerable price speculation among daytraders who rely on chart signals. KNC’s price appreciation also followed a massive upside rally. The token earlier rose by more than 1,000 percent for the year against the US dollar that benefited investors with holding sentiment. Meanwhile, its upward trend…

Ripple CEO Responds to Criticism from New York Times Reporter

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Garlinghouse said that Ripple’s XRP solves the $10 trillion cross-border problems. He confirmed that the company’s strategy is still on course. Brad Garlinghouse, the CEO of Ripple, has responded to a statement made by New York Times technology reporter Nathaniel Popper about the investment in XRP and potential outcomes. According to Popper, it would have been a mistake if any investors put their funds in XRP-based on the assertion by Garlinghouse that banks planned to use the Ripple platform as a transmitting medium. Popper highlighted that XRP has lost 90%…

Swipe Is the Latest Project to Integrate Chainlink’s Price Oracles

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Swipe wallet and crypto debit card platform has integrated Chainlink (LINK) data oracles to improve the accuracy of reward issuance and token burns.  Swipe CEO Joselito Lizarondo said Chainlink’s decentralized price feeds will provide more accurate and fair token conversion prices for users and was an important step towards  greater decentralization: “This is important to us to bring transparency to our users, especially as we’re kind of leaning towards starting to migrate from custodial products to noncustodial products in the future. So this is a starting point of decentralization in…

Craig Wright Won’t Need to Pay Hodlnaut $60K Until Appeal Is Over, Says Counsel

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Craig Wright, a self-proclaimed Bitcoin (BTC) creator, is apparently not required to pay legal fees for a failed libel suit against the Twitter crypto enthusiast known as Hodlonaut. In an Aug. 14 email to Cointelegraph, Wright’s legal representative argued that he is not obliged to pay legal costs in the defamation suit until the Norwegian Supreme Court considers an appeal. The spokesperson said, “Craig has appealed to the Norwegian Supreme Court. Craig’s Norwegian lawyers say that there is no obligation on Craig to pay the costs until that appeal is…

Garlinghouse: Ripple Has No Intention of Becoming the Amazon of Crypto

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The CEO of Ripple, Brad Garlinghouse, has re-established his commitment to cross-border payment solutions by saying the firm has no plans to change tack. Garlinghouse claims the company is already making great strides in capturing the $10 trillion cross-border payments market. With that, he sees no need to pursue other ventures. “Ripple has absolutely no plans to ‘reset’ our strategy. Using XRP to solve a real-world, $10T problem, like cross-border payments, is working.” The comments come in response to a Financial Times article that made several unfavorable assertions about Ripple…