Major financial institutions in Japan are moving into blockchain to streamline digital identity systems. Japan’s third-largest bank, Mizuho Bank, and local payment giant JCB are preparing to pilot a digital identity interoperability system based on blockchain technology. The new system will utilize a blockchain solution developed by Fujitsu Laboratories, Fujitsu announced on Oct. 15. The new joint initiative will allow the companies to verify mechanisms to securely transfer and link member ID information by multiple business operators. This data includes names, addresses and employers stored on a cloud platform built…
Month: October 2020
Swiss gov’t starts consultation process for blockchain laws
Switzerland’s Federal Department of Finance has initiated a consultation process for a blanket ordinance in the blockchain and distributed ledger technology space. The consultation will happen among cantons, parties and other interested groups in this space. It is scheduled to continue for more than three months, ending on Feb. 2, 2021. This is a part of the Swiss government’s active interest in promoting blockchain and cryptocurrency. The consultation to create better laws for the blockchain industry comes only a month after the government amended several existing finance and corporate laws to…
Yearn.finance (YFI) Won’t Look Good Until It Secures $16k, Analyst
Yearn.finance (YFI) has been one of the worst-performing assets over the past few weeks. As this outlet has reported, the coin has plunged in excess of 70% from its all-time high, as it reached lows of $12,000 after peaking at $44,000 just weeks ago. Sam Bankman-Fried, CEO of FTX, pinned the drop to three trends: a correction in all of DeFi, negative PR events, and yield farming yields dropping in the near term. While these factors have begun to subside as buying pressure has returned to the crypto market, investors…
Filecoin (FIL) Faces a Miner Crisis 72 Hours Into Launch, Analyst Says
Filecoin (FIL) has been one of the most talked-about digital assets of the past week. The cryptocurrency finally launched this week after years of development and after a rapid $200 million ICO in 2017. Unfortunately for FIL holders, an analyst says that the cryptocurrency is currently under threat due to a miner crisis. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Filecoin Is Facing a Miner Crisis Analysis by Twitter user Nico Deva suggests that Filecoin is in the midst of a miner crisis that is…
Here’s Why Bitcoin Breaking Higher Now Would Trigger a Massive Move
While Bitcoin has seen strong volatility on a day-to-day and week-to-week basis, it is flat on a macro scale. The crypto-asset has basically traded in the same $3,000 range for five months now. This has allowed macro volatility indicators to subside to critical historical points. Volatility analysis by one fund manager in the space suggests that when a breakout happens, it will be explosive. He thinks it will be so explosive, in fact, that Bitcoin could hit $20,000 in three months if it attempted to break higher now. Related Reading:…
Analyst Who Predicted V-Shaped Reversal Thinks Bitcoin Will Hit $12k
Bitcoin has faced a slight reversal since the highs of $11,750 set a number of days ago. The coin currently trades for $11,350 as of this article’s writing, 3.4% below the highs. Analysts remain optimistic despite the price reversal. One historically accurate analyst that has called a number of pivotal movements in the Bitcoin price said that the cryptocurrency is primed to hit $12,000 as we enter the second half of October. The cryptocurrency could continue even higher to new year-to-date highs by the end of the month, the analyst…
Prominent ICO Filecoin (FIL) Dives 30% as Short Exposure Explodes
Yesterday, after years of waiting, Filecoin (FIL) finally launched, Funded by legendary venture capital companies like Sequoia Capital, Andreessen Horowitz, and Union Square Ventures, the project is a blockchain-based data storage and data recovery network. Users can pay FIL to store their files on secure storage miners, which facilitate the network. The project, like many other hyped-up coins, launched at absurd valuations. The cryptocurrency quickly spiked above $100 on the exchanges that supported it, meaning it had a fully-diluted market capitalization in excess of $200 billion — yes $200 billion.…
Industry Continues to React to OKEx Freezing Bitcoin Withdrawals
Yesterday, leading Bitcoin exchange OKEx revealed that it had frozen withdrawals of all cryptocurrencies, from Bitcoin to the altcoins it supports. The firm said one of our private key holders is currently cooperating with a public security bureau.” Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom OKEx News Doesn’t Hurt Bitcoin Trend While the news was notable for Bitcoin on many levels, the price of BTC was relatively resolute in the face of this event. In fact, from the time the news was released to the…
Germany’s blockchain solution hopes to remedy energy sector limitations
Distributed energy resources, or DERs, have the potential to disrupt traditional electricity markets. Therefore, it shouldn’t come as a surprise that innovative countries are looking toward emerging technologies that will allow DERs to transform entire energy economies. Germany in particular is interested in using DERs to drive its digital energy economy while also complying with the European Green Deal. As such, the Deutsche Energie-Agentur, also known as DENA — the main governmental group responsible for energy innovation in Germany — announced plans to trial a blockchain-based solution to construct a…
OKEx founder reportedly under investigation as exchange suspends withdrawals
The founder of major global cryptocurrency exchange OKEx has been reportedly questioned by authorities previous to OKEx suspending cryptocurrency withdrawals. OKEx founder Mingxing Xu, also known as Star Xu, has reportedly been questioned by the police, Chinese news agency Caixin reported on Oct. 16. According to the report, the exec was investigated “at least a week ago” and has also been absent from work for a while. When approached for comment on Xu’s participation in a police inquiry, OKEx told Cointelegraph that the exchange is no longer affiliated with OK…