Daily News Digest Featured News

Monday August 19 2019, Weekly News Digest

Huobi Binance hack
Source: The Block Crypto

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United States

International

European Union

China

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News Summary

United States

Crypto Exchange Coinbase Acquires Xapo’s Institutional Custody Business (CoinDesk), Rated: AAA

Cryptocurrency exchange Coinbase has acquired the institutional business of cryptocurrency wallet and custody service provider Xapo.

Coinbase said in an announcement on Thursday that the deal will help expand its custody business and will increase its assets under custody to be more than $7 billion.

According to a Fortune report on Thursday, Coinbase acquired Xapo’s institutional business for $55 million after beating another strong contender, the investment giant Fidelity.

The head of security for cryptocurrency exchange Coinbase describes his biggest challenge: Education (CNBC), Rated: A

Coinbase security chief Philip Martin has a big challenge: Explaining the fundamentals of security to customers whose financial worth absolutely depends on remembering their passwords and keeping their keys safe.

Coinbase Has Discovered A Password Bug (Altcoin Buzz), Rated: A

One of the largest exchanges in the crypto space, Coinbase, has discovered a bug that may affect around 3420 users. According to a blog post by Coinbase, the sign-up page ended storing registration details (including passwords) in text format, inside the server logs.

3 GAPING HOLES IN THE LIMITED SUPPLY THESIS PARROTED BY BITCOIN SHILLS (CCN), Rated: AAA

oday I’m focusing on the argument that bitcoin’s limited supply will mean that the cryptocurrency is always in demand. Consequently, ongoing demand with limited supply will drive the coin’s price up over the long term.

There are three gaping holes in this argument.

1. BITCOIN IS NOT UNIQUE

Bitcoin market cap

2. NO INTRINSIC VALUE MEANS DEMAND WILL FADE

The second argument is rooted in the fact that neither bitcoin nor any other cryptocurrency has any intrinsic value. Crypto tokens are not beholden to any fundamental economic factors, either.

3. BITCOIN’S TRUE VALUE IS MEAGER

Bitcoin's true value

Bitcoin’s race to outrun the quantum computer (Decrypt), Rated: AAA

Want to steal some Bitcoin? All you need to do is find your victim’s 16-character public key and calculate their private key by solving something called an “elliptic curve discrete logarithm problem.” No sweat! With a regular computer, that’ll take you around 50 million times the amount of time the universe itself has left—around 0.65 billion billion years.

Ah, but with the right quantum computer, able to process information at speeds exponentially faster than today’s supercomputers? Suddenly, what seems uncrackable becomes child’s play, able to be broken in under 10 minutes.

US Centric Binance Exchange Is Two Months Away From Being Launched Says CEO (Inside Bitcoins), Rated: AAA

Binance had to create a new exchange specifically for the US market because their main exchange carries tokens that do not comply with regulations set in the country. The main exchange will stop serving clients in the United States on the 12th of September.

The United States has been a regulatory nightmare for crypto exchanges and industry players over the last few months.

Several exchanges have been barred from engaging in business with citizens from the United States.

Ripple’s XRP Branded A ‘Scam’ By Bitcoin Analyst As Lawsuit Row Intensifies (Forbes), Rated: AAA

Ripple’s XRP has not strayed far from controversy recently, with the company currently embroiled in a row that’s seen disgruntled investors accuse it of selling unregistered securities.

Now, bitcoin supporter and cryptocurrency analyst Tone Vays has weighed in on the lawsuit, branding Ripple’s XRP a “scam” and warning the U.S. Security and Exchange Commission (SEC) will bring “Thor’s Hammer” down on the company.

XRP price

Ripple (XRP) Records 25% Downtrend In This Year Till Date (CryptoNewsZ), Rated: A

As on August 18, 2019, at 07:42:13 UTC, the price of XRP coin is noted to be $0.26, and it has dipped from $0.35 to this value since the beginning of the year recording over 25% downtrend. The coin moved around $0.35 in the first 4 months but then started climbing up to reach as high as $0.50 in the month of July. It was a gradual increase as the coin moved above $0.45 almost from May to July beginning. It has been slumping since then.

Ripple Price (XRP) Rebounding Nicely As Bitcoin Holding Above $ 10.2K (NewsBTC), Rated: A

This past week, we saw a strong decline in XRP price below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2500 support level. Finally, it traded towards the $0.2340 level and recently started an upside correction. The crypto market recovered in the past few sessions, with positive moves in Ethereum, ripple, EOS and litecoin.

Ripple price climbed above the $0.2650 and $0.2700 resistance levels to move into a positive zone. Moreover, there was a break above the $0.2800 resistance and a close above the 100 hourly simple moving average. The upward move was positive, with a break above the $0.2850 resistance. However, the price ran into a crucial resistance area near the $0.2900 and $0.2920 levels.

Ripple price

Monetization Platform Coil Receives 1 Billion XRP Grant from Ripple Xpring (All-Stocks), Rated: B

Coil, a platform that enables publishers to monetize their content, has recently announced that the company has received a grant of 1 billion Ripple (XRP)trade digital coins from Ripple’s project Xpring. This grant’s initial aim is to increase the use cases of XRP as micropayments on Coil’s platform; in addition, the grant will advance Coil’s monetization platform to create the new standard of Web Monetization.

Litecoin May Soon Surge Despite Selling Pressure and Recent Dusting Attack (NewsBTC), Rated: AAA

Since Litecoin’s early-August halving event – which was widely viewed as being a bullish catalyst – the cryptocurrency’s price has dropped by nearly 25%, which marks a very disappointing reaction to an event that many analysts had claimed would propel LTC higher.

At the time of writing, Litecoin is trading up nearly 4% at its current price of $76.40, which marks a slight recovery from its recent lows of $71.

litecoin
Source: @glassnode on Twitter

LTC Gains 6.31% & Breaches $ 75 Mark in 1 Day (CryptoNewsZ), Rated: A

Litecoin has gained 6.31% over the last 24 hours and reached beyond 75 USD mark. The three major price swings have helped the coin to reach 76 USD from 71 USD in a matter of a few hours. The medium-term outlook of the coin seems bullish and the coin may soon find a price rally. Let us analyze the current details of the coin now.

Litecoin
Source: Trading View

Bakkt Trust Crypto Platform Gets Trust License In NY (PYMNTS), Rated: A

The New York State Department of Financial Services (DFS) announced that it has granted a charter under New York Banking Law to Bakkt Trust to operate as a limited liability trust company.

Mastercard is Building Cryptocurrency Team (DCE Brief), Rated: A

Credit card giant Mastercard is apparently building an in-house cryptocurrency team, according to a recent report from the New York Post. The company is actively recruiting job candidates who are familiar with cryptocurrency technology. The Post provided details of the job listing in its August 17 report:

“Do you have the desire to work at the cutting-edge intersection of payments and cryptocurrencies?” Mastercard asks in a recruitment listing. Those hired will “monitor cryptocurrency ecosystem trends” and “develop new products and solutions.”

Silvergate Bank Plans to Offer Cryptocurrency-Collateralized Loans (Coin Telegraph), Rated: A

The holding company of cryptocurrency-friendly Silvergate Bank, Silvergate Capital Corporation, announced that the firm plans to offer cryptocurrency-collateralized loans.

In an S1/A form filed with the United States Securities and Exchange Commission on Aug. 15 the bank notes:

“We believe there may be attractive opportunities to provide digital currency borrowing facilities to deepen our high quality customer relationships and further enhance our interest income.”

Security tokens aren’t yet worth the hype (VentureBeat), Rated: A

Security token offerings (STOs) emerged in the aftermath of the initial coin offering (ICO) boom of 2016-2018, during which projects were able to raise $20 billion. Most fundraising came directly from global investors without the traditional investment banker middlemen. The ICO bubble popped primarily out of concern that many coin offerings constituted illegal, unregistered securities issuances. STOs repurpose the fundraising techniques used in ICOs but use the crowdfunding clauses in the JOBS Act of 2012 as a different regulatory exemption.

security_tokens
Source: VentureBeat

Hamas, the militant Palestinian group, has been designated a terrorist organization by Western governments and some others and has been locked out of the traditional financial system. But this year its military wing has developed an increasingly sophisticated campaign to raise money using Bitcoin.

Palestinian Terrorist Group Uses Bitcoin To Raise Money (PYMNTS), Rated: A

The New York Times reported that the latest version of a website set up by the group’s military wing, known as the Qassam Brigades, provides every visitor with a unique bitcoin address to allow them to send the digital currency so that the donations are nearly impossible for law enforcement to trace.

Manufacturers Have To Act Now On Blockchain (Forbes), Rated: A

Yet, blockchain has the potential to be just as transformative for the manufacturing industry as it could be for financial services. Far from something ‘coming down the line’, its distributed ledger technology already offers companies a genuine way in which to drive connectedness and streamline operations like never before.

How Blockchain Is About To Change The Music Industry (Forbes), Rated: A

K-Tune, a company founded by a financial specialist, a serial entrepreneur and a renowned K-pop producer, has created a platform of the same name designed to overcome the prevailing issues in the music-making industry. And the key solution is blockchain technology.

It offers amateurs a chance to work with professionals, and established writers, with fresh talent and sound. The synergy is augmented by a team of popular K-pop producers and writers called ‘Masters’ who offer guidance and help throughout the music production process from engineering to sales. They are also available for collaborations themselves for higher quality projects. These K-Tune affiliated ‘Masters’ have experience producing songs and selling them to major K-pop performers including EXO, TWICE, IZ*ONE, GOT7, and Beast.

Antelope Water Management Taps Data Gumbo’s Blockchain Network for Oil & Gas Smart Contracts (Aithority), Rated: B

Data Gumbo Corp., a Houston-based technology company that has developed a blockchain-as-a-service (BaaS) platform to streamline smart contracts for oil & gas, announced Antelope Water Management, the Austin-based company providing sustainable water solutions for the extractive industries in oil & gas, has adopted Data Gumbo’s blockchain network GumboNet™. This is the industry’s first use of a blockchain platform for total water management services in US shale plays. Antelope will tap the power of GumboNet to provide customers and vendors across its water infrastructure, treatment, sourcing and disposal services with real-time data transparency, and automation of contract executions and payments.

Unregistered ICO by Blockchain Company for Healthcare Providers Results in No Fine Despite SEC Enforcement Proceeding (Lexology), Rated: B

SimplyVital Health Inc. was assessed no fine by the Securities and Exchange Commission to settle an enforcement action alleging that it engaged in an…

International

Bitcoin Circles $ 10,400 as Altcoins Rally, XRP Posts 10% Gains (Coin Telegraph), Rated: AAA

After yesterday’s correction, BTC is today up nearly 2%, bringing it to $10,393 by press time.

While still roughly $1,000 short of its price point at the start of its 7-day chart,  (Aug. 11), today’s recovery has kept the top coin comfortably above the $10,000 psychological price point. During a brief downturn mid-week on Aug. 15, Bitcoin had dropped as low as $9,700. On the week, Bitcoin remains 9% in the red.

Bitcoin

Top altcoin Ether (ETH) has posted a strong gain of over 7% and is trading around $197 by press time. Having dropped below the $200 mark on Aug. 14, Ether’s fresh gains are now edging it back above this threshold. Losses on the week remain at a stark 7.86%.

Ethereum

Bitcoin positivity in decline, says Austrian banking giant (Yahoo! Finance), Rated: AAA

“Bitcoin is the future of money,” reads a BitPanda ad campaign. BitPanda, an Austrian crypto start-up, launched its exchange this week after raising 43.6 million Euros from its IEO.

Not so, says a recent survey from Austrian ING Bank. “Bitcoin has few friends in Austria,” reads the title of its latest survey, released in the past few days.

The Austrian bank found that crypto sentiment has ebbed in many of the world’s largest economies. ING surveyed almost 15,000 adults across Europe, the U.S. and Australia, and over 1,000 in Austria.

Among 15 countries surveyed in Europe, Australia, and the U.S, the survey found that most skeptics were in Austria, with only 13 percent holding positive opinions about cryptocurrencies.

bitcoin

Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (Coin Telegraph), Rated: AAA

We reached out to experts in security and data privacy from academia, government agencies, startups and more to comment on the issues surrounding users’ privacy, asking them their opinions about the concerns associated with traditional applications as opposed to blockchain-based decentralized applications (DApps).

United States Senate Minority Leader Chuck Schumer asked the Federal Trade Commission and the FBI to conduct a privacy investigation into FaceApp, underlining that “it is not clear how the artificial intelligence application retains the data of users or how users may ensure the deletion of their data after usage.”

Could a blockchain-based DApp be much better for users’ privacy and security? 

Oh, for sure DApps can be better for privacy and security — if they work, and they work for more than 50 people at a time!

 — Susan Oh, CEO of Muckr.AI and board member of Blockchain for Impact at the United Nations General Assembly

We believe in decentralization as a promising path to ensure web users worldwide have control of their data. MeWe is advised by the inventor of the web, Sir Tim Berners-Lee, and we are closely following Tim’s current work on the Solid project. Solid decentralizes the web by giving web users the freedom to choose where their data resides and who is allowed to access it. MeWe plans to be an early adopter of Solid.

— Mark Weinstein, CEO and founder of MeWe 

Crypto Lenders Have Earned Just 2% on $ 4.7 Billion in Loans (CoinDesk), Rated: A

A lot of loans have been made in crypto, but lenders have not reaped a lot of profit.

That’s the big takeaway from a new report by Graychain, a startup looking to bring credit assessment to the crypto space.

The startup released its first report on the collateralized crypto lending industry Thursday, estimating that $4.7 billion has been lent out over the history of the sector, but only $86 million has been earned back in interest. That’s a 1.8 percent return, despite the fact that loans typically cost borrowers 6 to 10 percent on an annual basis.

Coinbase and Barclays Part Ways, Will UK Users Be Affected? (Coin Telegraph), Rated: A

It is being reported that Barclays, the London-based global bank, recently stopped banking for Coinbase, the United States-based crypto exchange. Coinbase reportedly found a quick replacement in the form of another United Kingdom-based establishment, ClearBank.

Hacker, Banatov Platon, Reveals Information on Binance KYC Hack and offers Services to Binance (Asia Crypto Today), Rated: A

A hacker named “Banatov Platon” has revealed further details about the Binance KYC hack to CoinDesk, claiming he is behind the release of the data after hacking other scammers and obtaining the information.

For those who hadn’t seen the news, Binance had their KYC data leaked to the public with users’ private information in view for the public to see. This was a PR disaster for Binance and added to their security woes after the exchange was hacked in May, stealing 7,000 BTC.

Caspian Announces Partnership with Fiat-To-Crypto Exchange Binance Jersey (Aithority), Rated: A

Caspian, the company behind a full-stack cryptocurrency trading, portfolio and risk management platform, announced its partnership with Binance Jersey, the fiat-to-cryptocurrency platform for the buying and selling of cryptocurrencies with Euros (EUR) and British Pounds (GBP) established by Binance–the global cryptocurrency exchange.

World Bank partnership raise additional funds using blockchain (ESI-Africa), Rated: A

The World Bank (International Bank for Reconstruction and Development, IBRD rated Aaa/AAA) has raised an additional A$50 million ($34 million) for its Kangaroo bond due August 2020.

This is the first bond created, allocated, transferred and managed through its life-cycle using distributed ledger (blockchain) technology.

World Bank raises further US$ 33.8mn for blockchain bond (The Asset), Rated: B

World Bank raises additional US$33.8 million for blockchain bond

Graph Blockchain Signs LOI to Acquire Cyberanking Ltd. an Esports Company (Aithority), Rated: B

Graph Blockchain Inc. is pleased to announce the Company has signed a binding Letter of Intent to acquire Cyberanking Ltd. (“Cyberanking”) for an aggregate purchase price of $1,500,000 CAD payable through the issuance of common shares in the capital of the Company at a deemed price of $0.05 per share. Pursuant to the terms of the LOI, there is provision for two additional bonus payments of $500,000 CAD in common shares, subject to the achievement of certain financing and revenue milestones to be set out in the definitive agreement to be negotiated.

European Union

Crypto Exchange Binance Announces New Stablecoin Initiative (CoinDesk), Rated: AAA

Cryptocurrency exchange Binance has announced that it’s launching a project that will develop cryptocurrencies and digital assets pegged to fiat currencies around the world.

Dubbed Venus, the “localized” stablecoin initiative will see the firm utilize its existing infrastructure, such as its public blockchain, Binance Chain, and international payment system, “to empower developed and developing countries to spur new currencies.”

Binance planning to launch ‘Venus,’ similar to Facebook’s upcoming cryptocurrency Libra (The Block Crypto), Rated: A

The world’s largest cryptocurrency exchange Binance is planning to launch “Venus,” calling it an “independent regional version of Libra,” according to an announcement Monday. Astrologically speaking, Libra’s ruling planet is Venus.

Binance said it is going to launch Venus cryptocurrency because it has a presence in several countries, has its native blockchain Binance Chain in place, as well as it hopes to break the “financial hegemony” and reshape the world’s financial system.

ProgPoW pushed back to Q1 2020 as Ethereum developers finalize list for Ethereum fork (Decrypt), Rated: AAA

Ethereum developers just finalized the approved updates for their mainnet fork, bringing the total number of accepted EIPs (Ethereum Improvement Proposals) to four, with many more ‘tentatively accepted’.

The long-debated hard fork, dubbed project “Istanbul,” will be released in two parts. The first, projected for October 16th, will contain the most recently approved code changes. It’s supposed to make the network more efficient.

In Friday’s update to their GitHub page, they pushed back the proposal for the divisive ProgPoW update to the second update.

Ethereum (ETH) Showed A Brave Move By Surging 5% In The Last 24 Hours! (CryptoNewsZ), Rated: A

The price of Ethereum is trading at $193.45 at 01:28 UTC on 19th August 2019.

Considering the trades of ETH yesterday, the value was initially seen trading below the baseline. The trade was seen at $183.28 at 04:17 UTC. From then on, the ETH price was increased by 5.37% at 12:02 UTC yesterday when the price of Ethereum changed to $193.13. The value surged further upwards by 2.63% at 17:10 UTC with the trading value of $198.05. Ethereum price, however, as of now is slightly dropped by 2.32% from then.

ETH price chart

Ethereum (ETH) Records 0.3% Uptrend Since Yesterday; Trading At $ 184 Now (CryptoNewsZ), Rated: A

Ethereum may have slumped drastically in the last 2 weeks falling from $216 to its current value below $185. But, it is just a transitory phase, and it may change very soon. The current market performance of the coin indicates its efforts to climb up again in the next 2 weeks and ETH may close the month trading above $200.

Ethereum has recorded 0.3% uptrend since yesterday rising from its initial value at $183.79 to its current value at $184.45 as of August 18, 2019, at 07:38:15 UTC.

ETH price

A crypto whale moves 20k Ethereum from Binance to an unknown wallet (Tron Weekly), Rated: A

Yet again, a new mystery whale moves 20000 Ethereum from largest crypto exchange, Binance to an unknown wallet.

On Sunday, yesterday, Whale Alert shared a transaction Id of ETH, wherein USD 3,708,034 which is equivalent to 20000 ETH has been transferred from Binance to an unknown wallet with fees 0.00084 Ether as approximate to $0.16.

Suspected Scheme Assets worth $ 240M Moved in Four Bitcoin Transactions (Crypto Vibes), Rated: A

Latest reposts allege that more than $240 million in proceeds from the crypto scheme PlusToken have moved. The movement featured four Bitcoin transactions. A Twitter account that focuses on large crypto transactions, Whale Alert, posted the data on Aug. 17. In those posts, Whale Alert said that these four transactions totaling 22,923 BTC could be the proceeds from PlusToken.

United Kingdom

‘How I lost £25,000 when my cryptocurrency was stolen’ (BBC), Rated: AAA

It’s bad enough realising that somebody’s nicked £25,000 of your hard-earned cash. It’s even worse when you realise there’s little chance of getting it back.

But as the Bitcoin price made its merry way to a peak of nearly $20,000 (£16,500) at the end of 2017 – a rise of more than 100,000% in seven years – my curiosity got the better of me.

What the Theft of a BBC Reporter’s $ 30,000 in Ethereum Shows About Cryptocurrency (Dash News), Rated: A

Almost no one can figure this stuff out

Let’s be honest: it’s hard to securely use cryptocurrency. Right out the gate, understanding the basics, most won’t know how to properly store backups.

The freedom of personal responsibility reminds us why we often look to give up that freedom

Until crypto is amazingly simple to securely use, few will ever use it

There’s no two ways about it: as it is, cryptocurrency will not see use en masse. It’s simply too difficult to figure out, which causes user error and negligence with disastrous consequences.

Lendingblock prepares for launch by receiving DLT license (CoinGeek), Rated: A

On August 15, it was announced that Lendingblock had received a distributed ledger technology (DLT) license from the Gibraltar Financial Services Commission (GFSC). This will enable the collateralized crypto-to-crypto lending platform to support short-term lending, hedging, and working capital needs of those who wish to lend or borrow.

China

Huobi Addresses User Phone Numbers Leaked in the Wake of Binance KYC Hack (CryptoGlobe), Rated: AAA

Cryptocurrency exchange Huobi addressed the fact that client phone numbers were surfacing online, in the wake of rival exchange Binance’s KYC hack earlier in the month.

According to a report published by news outlet The Block, several sources have said that Huobi user information has been surfacing on dark web marketplaces. The news comes just week after leading crypto exchange Binance allegedly suffered a KYC breach that saw personal information for users being spread through a Telegram chat.

Huobi Binance hack
Source: The Block Crypto

Read more on this story here.

Will China’s New Cryptocurrency Make Virtual Cash Respectable? (Forbes), Rated: AAA

The country that has contributed most toward the development of cryptocurrencies, at least in quantitative terms, and that which has tried hardest to control them through successive prohibitions, is now about to do what very few other countries have: rather than continuing to wait and see, it has launched his own project, under centralized control like everything else in China, and aims to take advantage of the undoubted advantages of cryptocurrencies by launching its own. This is not a change of opinion, but a significantly more innovative reinterpretation of the ​​cryptocurrency project than other countries.

China Central Bank Crypto Can Cannabalize Alipay, WeChat Pay (Coin Telegraph), Rated: A

China’s answer to Facebook’s Libra digital currency could help the central bank attract business away from Alipay and WeChat Pay.

China’s proposed digital currency will help banks bridge gap on mobile payment, curb dominance of Alipay, WeChat (SCMP), Rated: A

The People’s Bank of China’s “imminent” move to launch the country’s own sovereign digital currency underlines the central bank’s urgency to tighten its grip on the nation’s deposit pool and help banks catch up with their mobile payment business, analysts said.

Shenzhen Special Economic Zone to Include Digital Currency Research (Coin Telegraph), Rated: A

On Aug. 18, the Central Committee of the Communist Party of China outlined the plans for the future development of the Shenzhen Special Economic Zone, including the research and promotion of digital funds and the national cryptocurrency based on the renminbi.

APAC

Indian state to adopt blockchain in governance (Ledger Insights), Rated: AAA

The Maharashtra Information Technology Directorate has been handed the reins for the implementation of blockchain in the state. According to a report published by Indian English-language daily DNA India on 19th August, the Maharashtra state government has allotted 100 million rupees ($1.4 million) for blockchain adoption for the current fiscal year. Of that amount, 40 million rupees ($560,000) was approved to implement specific projects.

Qtum Rallies On Upgrade To Bitcoin Core 0.18.0 (CoinTrust), Rated: A

Qtum, an open sourced public blockchain platform, saw its native currency QTUM gain 6.2% in the past 24 hours to trade at $2.70 after the blockchain firm announced mainnet ignition of version 0.18.0, which involves upgrade from Qtum core to Bitcoin core 0.18.0.

Philippines’ Central Bank Approves 2 New Crypto Exchanges (Finance Magnates), Rated: A

Atomtrans already operates ATC Remittance and ATC Payment services and now extended its business in the crypto asset industry with ATC Digital Currency Exchange. The company also signed an agreement with China UnionPay Electronic Payment Co., Ltd. and UnionBank of the Philippines and represents the Philippine-China remittance products.

Japanese company Telcoin, on the other hand, is a mobile services giant in its local market and already developed an Ethereum-based blockchain.

MENA

Facebook’s Calibra cryptocurrency wallet already has competition (CNET), Rated: AAA

On Sunday, Israeli developer ZenGo said a cryptocurrency wallet it rolled out earlier this year will begin supporting Libra. Since Facebook and its 27 partners haven’t launched the cryptocurrency, ZenGo is letting users store a test version. The test Libra funds, unlike the version that’s coming, don’t have any real monetary value.

Understanding the state of cryptocurrency in the UAE (SME10x), Rated: A

This year began with the UAE and the Kingdom of Saudi Arabia signing an agreement to test out cryptocurrency and blockchain for money transactions between the two countries. The digital currency, called Aber, is being tried to see whether it can be leveraged to reduce remittance costs.

Canada

The Real Benefits of Blockchain Are Here. They’re Being Ignored (CoinDesk), Rated: AAA

Introducing as many people as possible to the benefits of decentralization is a cause almost everyone in this industry shares. The issue is that, in making the technology more accessible, many developers are sacrificing the benefits of decentralization for the sake of convenience.

A decentralized product should keep three key promises to its customers:

  • Censorship-resistant: your stuff is safe and can’t be tampered with
  • Self-sovereign: you own and control your assets, identity, and data
  • Open ecosystems: everyone gets value from new contributions

Dapper Labs has a few horses in this race: we started with CryptoKitties, still the most popular blockchain game by transaction volume, and recently announced NBA Top Shot, a new blockchain-based ecosystem being developed in partnership with the NBA and NBPA. We also shipped Dapper, one of the first ‘smart wallets’ for ethereum.

Blockchain to secure trust in peer-to-peer charging (Electrive), Rated: A

In a study at the University of Waterloo, researchers found that there is a lack of trust among charging service providers, property owners and owners of electric vehicles. However, the team believes a blockchain could resolve these issues.

Latin America

Santander to Connect Latin America to Ripple-Powered Remittance Service (CoinDesk), Rated: AAA

Spanish megabank Santander Group is expanding its use of Ripple’s technology.

The bank is building a “payment corridor” that would let customers in Latin America send money to the U.S. instantly for free via One Pay FX, a mobile app that uses Ripple’s xCurrent software, officials told CoinDesk.

Currently, only customers in the U.K. and Spain can send money to the U.S. over One Pay FX. While the bank would not reveal how many Latin American countries it plans to connect to the corridor, Santander serves Brazil, Uruguay, Chile and Mexico.

Venezuelans go after diamond-backed cryptocurrency Ponzi with $ 30M lawsuit (IDEX), Rated: A

Last month, a group of Venezuelans submitted a lawsuit claiming they were fraudulently promised massive returns on investments into the supposed diamond-backed cryptocurrency, Argyle Coin, Law360 reports.

The perpetrators, Jose Angel Aman, Harold Seigel, and his son Jonathan Seigel, were reportedly running two diamond companies – Natural Diamonds and Eagle Financial – and an associated cryptocurrency business that offered the diamond-backed digital assets. According to the report, the perps defrauded over 300 investors.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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