Daily News Digest Featured News

Tuesday January 30 2018, Daily News Digest

Coinbase users
Source: CB Insights

News Comments

United States

United Kingdom

China

European Union

International

Australia

India

APAC

Canada

South America

Russia

Africa

News Summary

United States

Over 1 million people have signed up for Robinhood Crypto (Business Insider), Rated: AAA

Over 1 million people have signed up for early access to Robinhood Crypto, just five days after the California brokerage announced it was crashing the gates of cryptocurrency trading.

Ethereum Is Quietly Closing In on Record Price Highs (CoinDesk), Rated: AAA

Ethereum’s ether token could revisit record highs very soon, courtesy of last week’s bullish price action, the price charts suggest.

Having bottomed out at $905 last Tuesday, the price of ETH rose to a 12-day high of $1,224 on Coinbase’s GDAX exchange – a rebound that left a higher low (bullish set up) on the price chart.

Ripple Vets Raising Money for Crypto Hedge Fund (CoinDesk), Rated: AAA

Twin filings to the U.S. Securities and Exchange Commission (SEC) dated Jan. 25 and 26 show that co-founders Tim Lewkow and Eli Lang are seeking funds to back Fractal Investments, which invests in crypto-assets, per its official website.

Lang is formerly creative director for Ripple, having begun working for the San Francisco-based startup in 2012. Lewkow worked for Ripple from December 2013 until June of last year, most recently serving as integration engineering manager, according to his LinkedIn account.

Coinbase Strategy Teardown: How Coinbase Grew Into The King Midas Of Crypto Doing $ 1B In Revenue (CB Insights), Rated: AAA

To sustain the cryptocraze, Coinbase will need to foster real applications of cryptoassets — and not just speculation.

This has helped Coinbase secure $217M in equity financing from some of the biggest-name VCs, and vaulted the company into the unicorn club.

Today, Coinbase operates in 32 countries and can be divided into four primary lines of business:

  • Coinbase
  • GDAX
  • Custody
  • Toshi

COINBASE & GDAX

Coinbase operates both an order book exchange, called the Global Digital Asset Exchange (GDAX), and a brokerage, called Coinbase.

Coinbase’s brokerage fees range from roughly 1.5% to 4.0% depending on the user’s payment method; due to increased risk, credit cards come with higher fees than bank transfers. Traders on GDAX pay significantly lower fees.

Coinbase
Source: CB Insights

As of Coinbase’s last reporting, in late November 2017, the company had 13.3M users and 45.2M wallets (users generally have more than one wallet, each for a different cryptoasset).

CUSTODY

Custody provides financial controls and storage solutions for institutional investors to trade cryptoassets. The service is geared toward larger players on Wall Street and costs $100,000 in initial setup fees, a management fee of 10 basis points monthly on AUM, and a minimum balance of $10M. Coinbase plans to launch Custody early this year.

TOSHI

Toshi is a mobile app for browsing decentralized applications, an ethereum wallet, and an identity and reputation management system. At a high level, the aim with Toshi is to give users broader access to decentralized applications built on top of the Ethereum blockchain. In this way, Coinbase hopes that Toshi could allow for the building of viable crypto use cases, beyond speculation.

USER METRICS

Coinbase was adding users in November at a rate of 100,000 per day. Although Coinbase has stopped publishing real-time user metrics, its site claims over 10M customers served and over $50B in cryptoassets exchanged.

Assuming an average 3% fee for Coinbase transactions and $50B exchanged, total revenue of the company (since inception) would be $1.5B. Of course, that number could be much higher or lower depending on the company’s true fees and total volume.

According to recent reports, Coinbase made $1B+ in revenue in 2017 alone. At the end of Q3’17, the company was projecting a 2017 total of just $600M, well under its actual.

Coinbase users
Source: CB Insights

Let Telegram Try to Build a Digital Nation (Bloomberg), Rated: AAA

Messenger apps have proven that they can double as powerful payment platforms — just look at the trillions being spent using WeChat in China. But can it work for cryptocurrencies as well? Pavel and Nikolai Durov, the brothers who founded the Telegram messenger, are about to find out.

If it works, they’ll end up, more or less, with a digital equivalent of an autonomous economy.

The Durovs’ idea, which they are about to test in the biggest initial coin offering ever — one worth $1.2 billion — is to create a digital currency for an ecosystem that already has some 170 million users. By their estimation, it’ll grow to 200 million in the first quarter of this year.

Imagine a messenger app that serves as a passport to a whole semi-autonomous economy. A user is initially identified by a copy of a government-issued ID. That copy is stored in an encrypted form only accessible to its owner, yet the digital proof of identification works for all purposes within the ecosystem. As today, the community will have their own media in the form of Telegram channels, but the built-in cryptocurrency and smart contract platform will allow channel owners to sell advertising in a less ad-hoc way than they do now.

Users will be able to browse the web anonymously via a proxy built into the system. They’ll also gain access to tools that instantly transfer grams — the network’s digital currency — to fellow users and to vendors with a presence on the network, as well as for the conversion of grams into fiat currency. The whole experience, the Durovs promise, will be simple enough for non-technical folks.

Three Ways Blockchain Will Disrupt Traditional Business And Impact Marketing In 2018 (Forbes), Rated: A

On November 27, CNBC reported that there were 13.3 million users for Coinbase, the leading U.S. platform for buying and selling Bitcoin. In contrast, Charles Schwab maintained 10.6 million active brokerage accounts.

1. Capital Security

Access to capital is currently one of the major challenges startups face, as the ability to fund an idea and grow a business is burdensome. Lending options are not the same around the globe, and blockchain levels the playing field in the global economy.

2. Real-Time Automation

Similarly, blockchain can automate the sourcing, supply chain and procurement processes by tracking responsibilities throughout their life cycle, which would ensure accurate data and accountable transactions. This would disrupt the way marketers engage with and service their clients.

3. Influx Of Startups

Blockchain has begun to generate excitement, and entrepreneurs will attempt to devise the “next big thing” via the use of the blockchain network. Many will see blockchain as the next dot-com opportunity. As companies form to leverage blockchain, the investment community will follow as they did in the 1990s. The excitement and push to build blockchain businesses will spur the economy and ultimately create a robust market for agencies to service blockchain companies.

JP Morgan Blockchain Spin-Off Raises $ 2.25 Million (CoinDesk), Rated: A

Smart contract startup Kadena has raised $2.25 million in a pre-A financing private-placement SAFT round for its new blockchain project.

According to the startup, Metastable, Kilowatt Capital, Coinfund and Multicoin Capital all invested in Kadena through a private-placement SAFT round.

The iced tea company that avoided de-listing may once again be at risk of being kicked off Nasdaq’s exchange (Business Insider), Rated: A

The Long Island Iced Tea Company needed a boost and it needed one quick.

In October, the company was warned by Nasdaq that unless it could maintain its market value above $35 million for at least 10 consecutive business days in the next six months, the company could be de-listed by the exchange.

In December, after Long Island Brand Beverages announced its new name, Long Blockchain, and new strategic focus on the technology underpinning cryptocurrencies like bitcoin, its stock more than quadrupled from $2.15 to $9.49. The company’s market cap was now well above the $35 million mark, at $67 million, and receiving mountains of mainstream press coverage it otherwise could only have dreamed of.

The company said on January 16 that it had entered into a “letter-of-intent” to be acquired by British firm Stater Blockchain, a “technology company focused on developing and deploying globally scalable blockchain technology solutions in the financial market,” according to its website.

Long Blockchain
Source: Business Insider

Silicon Valley’s Bitcoin Apps Are Now About Price Speculation, Not Cheaper Payments (Forbes), Rated: A

When Bitcoin first captivated the minds of tech executives back in 2013, it was mainly seen as a new way to make fast, cheap payments online. Roughly five years later, the number of big brands accepting Bitcoin is falling, not growing.

Having said that, interest in Bitcoin hit an all-time high in December, according to Google Trends.

Recently, it’s become clear that the popular bitcoin apps are going to be the ones that focus on speculating on cryptoassets rather than making payments with cryptocurrencies — at least for the foreseeable future.

We got a cryptocurrency mystery box so you don’t have to (The Next Web), Rated: A

Earlier in January we wrote about a quirky new trend: cryptocurrency mystery boxes you can order online to get a random selection of digital coins. We finally got our hands on one of these, but before you do – there are some things you want to keep in mind when buying one.

CBlocks – the company we spoke with for our previous piece – offered to ship us one of its mystery boxes so we can check out its service firsthand.

But more worryingly, including the passphrase (the part we’ve hidden with green) inside the envelope seemed like a poor security choice, given that practically anyone with access to the USB stick could use it to jack your crypto. Like your bank will send your credit card and PIN in separate letters, this should have been mailed separately.

For the record, we found $8.28 worth of Lisk, $7.72 worth of Monacoin, $11.39 worth of Loopring, $8.02 worth of Electroneum, and $12.78 worth of OmiseGo inside our box.

CBlocks
Source: The Next Web

Crowd sourced litigation funding on the blockchain (NewsBTC), Rated: B

Trial Token facilitates trust by connecting parties who are seeking funding for their claims with backers who may be interested in their case and in providing support in the way of litigation financing.

 

Changelly founders launch crypto repo platform Oxygen (Cryptoninjas), Rated: A

changelly

oxygen

First ever Crowdfunding Token for Motion Pictures to hit the internet this week (Digital Journal), Rated: A

Great News for indie film community struggling to find adequate funding for their independent film projects. Leading film production company Dream Comet Studios is soon to release the FIRST ever crowdfunding token for motion pictures. Titled as “FutureWorks” (FTW), the futuristic token system is about to hit the internet this week.

Filament introduces tech to get industrial devices interacting with blockchains (Internet of Business), Rated: A

Reno, Nevada-based start-up Filament’s software works with its own-branded Blocklet Chip hardware, to provide industrial and enterprise devices with the ability to securely interact with and transact against any given blockchain.

Filament is supporting the open-source business blockchain framework, Hyperledger Sawtooth, hosted by The Linux Foundation, on its own native hardware.

Where Blockchains Are Needed in Healthcare (NASDAQ), Rated: A

Cyrus Maaghul is a lifelong entrepreneur, currently exploring how blockchain, smart contract and decentralized autonomous organization technology can help solve issues within the healthcare industry.

What was your aim in launching HealthCombix?

Our goal is to build out the next generation of healthcare systems. We want to redefine and redesign in an open protocol a decentralized network model for healthcare, replacing existing systems with different protocols that are assembled and tokenized so that information and tokens can be exchanged between them.

What was your aim in launching HealthCombix?

Our goal is to build out the next generation of healthcare systems. We want to redefine and redesign in an open protocol a decentralized network model for healthcare, replacing existing systems with different protocols that are assembled and tokenized so that information and tokens can be exchanged between them.

But aren’t you reinventing the wheel a bit given Ethereum’s advancements in the space?

Lots of people are looking at applications on top of Ethereum, or are looking at smart contracts as a part of identity management. To me, that’s okay and it certainly can be done. But a lot of points of centralization would have to occur with this approach, which kind of defeats the purpose of decentralization.

Evernym and R3 partner to apply self-sovereign identity to financial services (GlobeNewswire), Rated: A

Self-sovereign identity technology leader Evernym and enterprise software firm R3 concluded a study to determine the interoperability of R3’s Corda platform with Sovrin, the only distributed ledger purpose-built for self-sovereign identity.

As part of the joint initiative, four R3 member banks tested the ability of Evernym’s technology to add self-sovereign identity to the Corda platform.

I Got Scammed By An ICO (Seeking Alpha), Rated: A

There have been calls for regulation of ICOs (initial coin offerings), and I definitely see the potential for fraud and believed I knew of at least one ICO that is live with real coins and mining that is basically nothing but hot air, but I thought I was smart enough to see through it and find a gem or two along the way. I was wrong.

I recently wrote a couple articles where I mentioned the Symmetry Fund ICO. I don’t know if its website will be live for long – I will not link it as that provides it additional possible revenue. I have found that it is a total fraud.

AriseBank Hit With SEC Suit Over Initial Coin Offering (Law360), Rated: A

The U.S. Securities and Exchange Commission has moved in to stop what has been touted as the largest initial coin offering ever launched, alleging in a complaint unsealed Monday in Texas federal court that the offering by Dallas-based AriseBank, which had a $1 billion goal, was illegal and fraudulent.

New Website Ranks 600 Cryptocurrencies by Github Activity (Bitcoin.com), Rated: A

At present, Cryptomiso lists the commit history of 611 cryptocurrencies and charts the frequency with which their codebase is updated. The top five performers, based on developer activity, are predictably tied to new or yet-to-launch projects where there is still much work to be done. Top of the heap is Cardano, with over 6,500 commits from 51 contributors, followed by Lisk, Waves, 0x, and EOS. Bitcoin comes in at number seven, just behind Globaltoken, an obscure that coin is only available on Coinexchange. Its entire market cap is just $350,000.

cryptomiso
Source: Bitcoin.com

Fake Charlie Lee Attempts to Scam Litecoin Holders on Twitter (NewsBTC), Rated: B

It appears there is a fake Charlie Lee account on Twitter claiming to offer free Litecoin. A total of 180 LTC would allegedly be donated in the process.

In the messages, the scammer asks users to send 0.3 LTC to a specific address. In doing so, the senders will allegedly receive 3 LTC in return. This is a tried and tested scamming business model which seems to work surprisingly well.

Kansas Latest US State to Warn on Crypto Investment Risk (CoinDesk), Rated: B

The securities commissioner of the U.S. state of Kansas has issued a warning on the risks of cryptocurrency and ICO investments.

 

United Kingdom

FRAUDSTERS USING SURGE IN CRYPTOCURRENCY TO TRICK PEOPLE INTO SCAMS, FINANCIAL REGULATOR WARNS (Independent), Rated: A

Fraudsters are contacting people online and through social media to offer them the chance to invest in cryptocurrencies and financial instruments. The solicitations often promise high returns and come alongside pictures of expensive watches and cars in an attempt to entice people to invest.

China

Hong Kong–Based Investment Firm Acquires Pioneering Bitcoin Exchange BTCC (Bitcoin Magazine), Rated: AAA

BTCC is exiting the Chinese market to focus on making digital currencies accessible to everyone globally. This acquisition by a Hong Kong–based blockchain investment fund is a milestone for BTCC and will allow BTCC to focus on global digital currency adoption.

European Union

Open Data and Blockchain: a match made in heaven? (European Data Portal), Rated: AAA

blockchain panels
Source: European Data Portal

All members must save and continuously update a full copy of the blockchain database. This strong redundancy, in combination with cryptography and shared decision making (called decentralised consent), leads to a democratic system that offers transparency and traceability, protection from manipulation, data integrity and security, as well as network reliability to its members.

Blockchain Europe
Source: European Data Portal

Blockchains are especially useful to help overcome organisational and technological boundaries between entities that have to (or want to) automate the exchange of data. In this regard, blockchains are also very useful in federal systems such as Germany or the European Union. Each member of the European Union acts as one or more members in a blockchain network and shares its data with the others over the joint blockchain.

Secondly, blockchains provide strong data security and are highly resilience against cyberattacks.

Ethereum Startup Vanishes After Seemingly Making $ 11 (Motherboard), Rated: A

An Ethereum startup called Prodeum disappeared from the web on Sunday after raising a grand total of $11 USD from investors in a crowdsale.

Cryptocurrency Scam Site Disappears, Leaving Only the Word ‘Penis’ Behind (Gizmodo), Rated: B

A short-lived and relatively unknown cryptocurrency project built on Ethereum called Prodeum disappeared this weekend—along with the money a small number of hapless investors sunk into it. All that remained of its website was a white pagewith the word “penis” written on it.

The amateurish ICO was drummed up through a press release dumped on an NBC affiliate which describes Prodeum as a Lithuanian blockchain project “to overhaul the Price Look-up (PLU) labeling process” on fruits and vegetables.

International

Platform Starts Trading Service For Self Mining Smart Contract (Coin Telegraph), Rated: AAA

On Jan. 22, Artemine Token (ARTE), released the Genesis Addresses Trading website that was earlier announced in the ICO roadmap in autumn 2017. The team references the token as the version 2.0 of Minereum, which is well known in the crypto community for its concept of the first self-mining smart contract. Today, the Artemine platform provides users with access to the public mining and selling Genesis Addresses via the Ethereum Blockchain.

Governments Worry That Cryptocurrencies Could Be the ‘Next Swiss Bank Account’ (Bloomberg), Rated: AAA

Authorities around the world worry that cryptocurrencies could become tax havens.

Take David Drake, whose New York-based family office has more than $10 million in cryptocurrency and blockchain investments. He’s using digital money like an offshore bank account — a place to legally park overseas business profits and reduce U.S. taxes.

British Prime Minister Theresa May and Indian Prime Minister Narendra Modi are among the world leaders who’ve expressed alarm at the rise of virtual cash to move money offshore.

The use of virtual money to store assets offshore is evolving rapidly, with the introduction of so-called privacy coins, such as ZCash and Monero, which use methods like encryption to make them untraceable. About $10 trillion is held offshore worldwide, according to Grayscale Investments, a New York-based firm that’s offering a ZCash Trust to investors. ZCash could capture as much as 10 percent of that by 2025, said Grayscale’s Matthew Beck.

SWIFT and CSDs join forces to advance blockchain for post-trade (Compliance Week), Rated: A

SWIFT, a global member-owned cooperative and a provider of secure financial messaging services, and seven central securities depositories have signed a Memorandum of Understanding to work together to demonstrate how distributed ledger technology could be implemented in post-trade scenarios, such as corporate actions processing, including voting and proxy-voting.  The group will investigate the types of new products that can be built using it and how existing standards such as ISO 20022 can support it.

Among the central securities depositories (CSDs) participating in the distributed ledger technology (DLT) project with SWIFT are Abu Dhabi Securities Exchange, Caja de Valores, Depósito Central de Valores, Nasdaq Market Technology AB, National Settlement Depository, SIX Securities Services, and Strate. Additional CSDs are expected to join.

The Fabric Token Ecosystem: Building a Bridge to the Decentralized World of Tomorrow (cryptovest), Rated: A

The proposed ecosystem consists of four major components:

TokenGen is a smart contract builder with an easy, step-by-step process. All you need to get a fully tested and secure smart contract is to fill out the details of your contract and choose the required functionality.

DApp Workbench allows companies to model their business processes and create smart contracts by dragging and dropping the required features in order to create their workflows.

Fabric Store is a decentralized marketplace where third-party developers can supplement TokenGen and DApp Workbench with their custom-built smart contract components. Using blockchain technology, the store ensures fairness, proof of ownership, seller protection and legitimate reviews.

Fabric Token is the means of payment within the ecosystem and can be used to buy goods and services on the entire platform.

Incremint Answers the Call for a New Era of ICO Accountability (PR Newswire), Rated: A

Ethereum Architect Vitalik Buterin released a proposal to make ICOs more accountable through a mechanism called a DAICO.  A DAICO would allow ICO investors to control the flow of funds to issuers. The high-powered legal and banking team at Incremint has been working with Applied Blockchain development team (Canary Wharf, London) for four months to build a decentralized escrow platform similar to Buterin’s vision.  The Incremint decentralized escrow platform is an enhanced variation of a DAICO with increased flexibility.

FEATURES

DAICOs

INCREMINT

Investors Control Release of Funds

x

x

Investors Can Force Return of Funds

x

x

Funds Released Over Time

x

x

Issuers Set Milestones

x

Hosted Investor Comminication Space

x

Fiat Escrow

x

Standardized Voting Mechanism

x

Established Investor Community

x

Turnkey Implementation

x

Money Delivered in Tranches

x

Issuers Can Seek Revisions of Milestones

x

Resolution In Case of Deadlock

x

Australia

Will Litecoin and Monero merge? (finder), Rated: A

In many ways they’re a good match, Bitcoinist reports. Monero can benefit from the liquidity and widespread use of Litecoin, while Litecoin creator Charlie Lee has previously expressed a desire for better privacy features on Litecoin.

But will it happen? No. First, because the tweet was a joke.

Atomic swaps, bridges and other solutions

  • ShapeShift. This is one of the earlier solutions and was designed to allow for quicker and easier exchanging of currencies.
  • Atomic Swaps. Atomic Swaps are a way of converting cryptocurrencies on the spot. It functions a lot like ShapeShift, but it aims to be a lot more seamless, able to conduct swaps on-chain and adaptable to a wide range of coins.
  • Cross-chain translators. Some coins aim to create a broader cryptocurrency ecosystem that can encompass multiple blockchains and allow for relatively smooth movement of coins between them. This is one of ARK’s main functions. Similarly, South Korean coin ICON (ICX) is designed to accommodate multiple blockchains inside a wider governance system, and the Dragonchain (DRGN) business blockchain solution aims to flexibly let businesses create their own tailored internal blockchains, and then connect those to multiple public blockchains (such as BTC or ETH) as needed.
  • Standardised coin ecosystems. Standardised coin ecosystems are also a growing trend. For example, Ethereum’s ERC20 standard now encompasses hundreds of different coins, all of which can enjoy a considerable degree of innate cross-functionality. This is being further expanded by growth of ERC20 decentralised exchanges, and additions like 0x which offer even more “translation” and function across coins. The Stellar Lumens 2018 roadmap also suggests that it might be looking at expanding in a similar direction.
India

After PayU, BookMyShow To Shut Down Wallet Service By February (Inc42), Rated: AAA

After PayU India, Mumbai-based BookMyShow has decided to discontinue its wallet service, MyWallet, by the end of February. The development comes just a few days after it was reported that the online ticketing platform was in final talks with private equity firm TPG Growth to raise $50 Mn–$60 Mn (INR 320 Cr–INR 380 Cr).

As per a report by VCCircle, the company has sent out an email to subscribers, asking them to transfer their existing wallet money to their individual bank accounts by February 28.

APAC

Asia shapes as crypto capital in ‘biggest disruption since internet’ (The Australian), Rated: AAA

Cryptocurrencies will ride out the current volatility to become part of the mainstream payment industry, and Asia is shaping up as the epicentre of the “crypto” revolution, according Kin-Wai Lau, the Singapore based CEO of ASX-listed Fatfish Internet Group.

Fatfish listed on the ASX in 2014 as an early-stage technology incubator, largely focused on the consumer internet space, but has since diversified into other segments, including crypto­currencies. This month, Fatfish became the first ASX-listed company to venture into the realm of “mining” cryptocurrencies, investing $US1 million ($1.2m) into Singapore-based start-up APAC Mining to set up a Malaysia data centre dedicated to crypto-­mining.

Fatfish Asia
Source: The Australian

An Introduction to ICON: The Interconnecting Blockchain Network (CryptoSlate), Rated: AAA

New public and private blockchains are popping up everyday. So much so that research and consulting firm, Deloitte, identified that blockchain interconnectivity as an essential technology development for 2018.

ICON, a blockchain-based platform developed theloop, a distributed ledger solutions company in South Korea, is striving to be the leader of this initiative.

Its token presale, which concluded in September 2017, rasied 75,000 ETH in the first six hours and brought in 150,000 ETH in total.

First, ICON is developing a compelling solution to the problem of digital ID verification by implementing smart contracts as a tool for effectively establishing and conveying an individual’s identity.

ICON envisions customers using Blockchain ID to verify their identity for essential services like bank accounts and also for less sophisticated use-cases like customer loyalty cards or student discount initiatives. In other words, this feature could soon be everywhere, but it is not currently being used anywhere.

In addition, ICON is also focusing on payments and exchange through an integrated DEX (decentralized exchange). Decentralized exchanges, such as Radar Relay, will transform how cryptocurrencies are traded by removing the middleman. ICON uses these features to facilitate online payments and currency exchanges.

ICON
Source: CryptoSlate

SBI Ripple Asia Forms Consortium to Bring DLT to Securities (CoinDesk), Rated: A

SBI Ripple Asia is forming a consortium that will research the use of distributed ledger technology in securities products.

According to an announcement, the company – a joint venture between Japanese investment firm SBI and San Fransisco-based DLT payment startup Ripple – said the new consortium will see joint efforts from 18 securities firms to research and commercialize applications of emerging technologies, particularly DLT, to improve efficiency for customers, while reducing operational cost.

New cryptocurrency rules just came into effect in South Korea (CNBC), Rated: A

South Korea’s Financial Services Commission on Tuesday confirmed to CNBC that new measures outlined by the body earlier this month had been implemented, but a spokesperson said in an email that it was still too early to discuss any effects of those rules.

Trade in bitcoin denominated in Korean won stood at around 4 percent on Tuesday, according to CryptoCompare. That compared to the more than 40 percent of total bitcoin trade denominated in Japanese yen and the roughly 30 percent transacted in dollar terms.

This investor welcomes regulations on cryptocurrencies from CNBC.

Major South Korean E-Commerce Firm’s Integration of Cryptocurrencies Will Fuel Adoption (Coin Journal), Rated: A

WeMakePrice, one of South Korea’s largest e-commerce platforms, will integrate 12 cryptocurrencies including bitcoin, Ethereum, EOS, Ripple, Qtum, and Bitcoin Cash to its existing payment application, to allow its consumers to pay for products using cryptocurrencies.

Cryptocurrency stolen from Coincheck sent to 9 separate addresses (Kyodo News), Rated: A

The roughly 58 billion yen ($532 million) in cryptocurrency that was stolen from Tokyo-based virtual currency exchange Coincheck in a hacking attack last week was transferred to nine separate digital addresses, investigative sources said Tuesday.

According to investigators and the blockchain ledger, the bulk of the stolen NEM coins — about 57.6 billion yen worth — was sent to a single address over a 19 minute period from 12:02 a.m. Friday.

Then, in the 30 minutes from 2:57 a.m., the NEM coins were dispersed among eight separate addresses in an apparent attempt to make the stolen coins more difficult to trace. Coins were sent to a ninth address at 11:42 p.m., immediately after Coincheck began holding a press conference in Tokyo on the hacking attack.

Japanese Electronics Retail Giant Launches Bitcoin Payments (CoinDesk), Rated: A

Major Japanese consumer electronics retailer Yamada Denki has partnered with cryptocurrency exchange bitFlyer to add a bitcoin payments service in two of its stores.

Launched this weekend, according to a press release, one of the stores to receive the new service is based in Shinjuku, an area of Tokyo that attracts large numbers of foreign visitors. The other store is adjacent to Tokyo’s main business district.

GOLDX, the world’s first audited gold-backed token (Business Insider), Rated: A

HelloGold Foundation has announced that it has launched GOLDX, the world’s first audited gold backed token, to provide an anchor of stability to sophisticated crypto investors.

GOLDX is a fully operational ERC20 token backed by 99.99% investment-grade gold independently vaulted in Singapore. The smart contract was audited by ZK Labs and ChainSecurity while the gold is audited by Bureau Veritas and insured by XL Group. Operations backing the gold are based on best practices from SPDR GLD, the world’s largest gold ETF.

Philippines vows cryptocurrency rules (Nikkei Asian Review), Rated: B

The Philippine securities regulator on Monday said virtual currency regulations are in the works after it shot down the country’s first coin offering last week.

Canada

Ontario pension giant OMERS is pushing further into the rapidly expanding cryptocurrency business through the creation of an Ethereum-focused public company that is planning to raise $50-million.

South America

How Kleros’ Blockchain Justice System Could Revolutionize Passenger Claim Arbitration (Apex), Rated: A

Disputes between passengers and airlines have become more public in recent years, often playing out in the court of social media. A startup called Kleros wants to disrupt this dynamic by building a justice protocol for the internet. Kleros’ system relies on concepts from game theory, cryptography and blockchain technology to gather evidence around a claim, select jurors and provide incentives for those jurors to make honest decisions.

Kleros released a white paper with more detail for blockchain-hungry readers, though its examples focus on disputes based in digital space. However, it’s easy to see applications for this sort of technology in industries whose operations span numerous borders and jurisdictions. An independent arbitration system could bring satisfaction to passengers more quickly, while also taking weight off of airline customer service teams and their social-media-management colleagues.

Russia

Simdaq Raises $ 5M in ICO (Finsmes), Rated: A

Simdaq, a Moscow, Russia-based community trading platform, raised $5m in its Initial Coin Offering. 

The sum was raised in  28 hours.

Russia’s Newly Drafted Cryptocurrency Bill: ‘Crypto Not Cash’ (Forbes), Rated: B

The bill legalizes the term “digital financial asset” as a security in electronic form, “created using encryption methods, of which the legal title of ownership is verified by making a digital record in the register of digital transactions,” also known as a blockchain. The bill states that cryptocurrencies are not an authorized means of payment in Russia. Therefore, cryptocurrency — based on this draft — is not money.

Africa

SureRemit raise US$ 7 million via initial coin offering (ICO) (New Telegraph), Rated: AAA

SureRemit, a non-cash remittance platform majority-owned by Nigeria based fintech holding company, GreenHouse Capital, has raised $7 million on the initial coin offering (‘ICO’) market.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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