By Talha Dar on Feb 05, 2019 07:51 pm
SWIFT, the international payment network, has announced the launch of a Proof of Concept (PoC) gateway that will use blockchain technology. The step into decentralized technology adoption is being made by allowing blockchain software house R3 to connect to the experimental gateway, called the Global Payments Innovation (GPI). Through this, SWIFT will be pursuing its larger agenda of creating a more transparent and efficient international payment system. The current technology being employed usually takes days to clear a cross border settlement. This will vastly improve with blockchain being used. The GPI is expected to have “faster, same day use of funds”. The original trial of using decentralized technology had left SWIFT disappointed. The test was conducted in a sandbox environment and the institution said, “Further progress is needed before it will be ready to support production-grade applications in large-scale, mission-critical global infrastructures.” Nonetheless, with SWIFT acknowledging the advantages blockchain has, the banking institute will now allow R3 to authorize payments using its GPI Link. This means GPI based settlements will be routed through R3’s Corda network, giving faster, transparent and efficient processing. SWIFT CEO Gottfried Leibbrand said, “Our new GPI platform is extremely interoperable and open, and we've always had links to other networks. …we are announcing later today a proof-of-concept with the R3 blockchain on trade where you can initiate a payment on the trade platform and then it goes into GPI. So we're exploring interconnectivity with a lot of things.” With banks and other financial institutions that have joined the Ripple network numbering over 200, SWIFT has realized that its previous stance on DLTs just might be its undoing. The organization is still lacking, since the whole GPI Link with R3 is still a PoC. Whether it will be able to give a product that will retain its dominance over the global financial system on time is something many financial institutions are closely monitoring. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: pexels.com The post SWIFT R3 Blockchain Trials: Softening on Decentralization? appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 05, 2019 04:36 pm
Further details have been released regarding BitTorrent‘s BTT token airdrop scheduled to take place in six days’ time. The BTT token has been introduced as a medium of exchange for BitTorrent users, enabling the purchase of downloadable media, giving users the opportunity to participate in crowdfunding on the platform. File sharing will also offer rewards to users of the platform. The company explained some of the other benefits: “Existing BitTorrent clients will implement an optional set of backward-compatible protocol extensions which allow them to bid and receive bids for their bandwidth, working in tandem with a cryptocurrency wallet and bidding engine.” The firm is airdropping free BTT tokens to TRON (TRX) holders and it has been announced that the airdrop will continue for six years until 11 February 2025. The first snapshot will happen when TRON’s block height reaches 6.6 million. The initial airdrop will be a supply of BTT 10,890,000,000, followed by BTT 990,000,000 each month from 11 March. No minimum of TRX is required to qualify for BTT airdrops. The following wallets and exchanges will support the airdrop: Kucoin, Binance, OKEx, Huobi, Bithumb, UPbit, gate.io, TrustWallet, Bitpie, Cobo, Bibox, Cointiger, ABCC, WazirX, Atomicwallet, DragonEx, CoinEgg, MBAex, Vena Pi, Livecoin, Ellipal, BitForex, Atomicwallet, Tokenomy, Coinsuper, Bitrue, FCoin, Bit-Z, Tronscan. According to BitTorrent, “an additional BTT 99,990,000,000 will be airdropped to longtime TRX holders through online and offline events”. It is widely expected that come 11 February, BitTorrent could come into immediate competition with similar file sharing outfits such as Upfiring, Flixxo, JoyStream, and LBRY, although a boost in funding through the airdrop could be significant for the company’s future. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post BitTorrent Fortunes Seek Boost from 11th February Airdrop appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 05, 2019 01:19 pm
The American non-profit and charitable organization behind Wikipedia, Wikimedia Foundation, has partnered with BitPay, a leading company providing Bitcoin payment processing services for merchants. The partnership will allow the foundation, which has already provided a Bitcoin donations capability to the multilingual, web-based, free encyclopedia, to now add BCH donations through BitPay. BitPay’s chief commercial officer, Sonny Singh, who predicted at the end of last year that a USD 15,000 to USD 20,000 Bitcoin price would be a feasible outcome by the end of 2019, commented on the new partnership: “Bitcoin and Bitcoin Cash are one of the cheapest payment options available so more money goes to charity rather than paying fees. Wikimedia does so much good around the world that it is a privilege to help them raise money.” Singh was quick to point out that altcoins would be less fortunate than Bitcoin and would “never come back”, and the flagship cryptocurrency’s return to fortune would be driven by large company investment, some of which is already planned. BitPay’s success has been notable in the industry with over USD 1 billion in transactions over the course of 2018 with record high revenues from transfer fees. Pats Pena, Director of Payments and Operations at Wikimedia Foundation commented on the new step: “Our donors have shown an increased interest for different cryptocurrencies, so accepting Bitcoin Cash was a natural next step. We accept donations globally, and we strive to provide a large variety of donation options. It’s very important that we can get international donations processed in ways that are efficient and cost-effective.” Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Pixabay The post Wikimedia Foundation Partners with Bitpay to Expand Crypto Payments appeared first on BitcoinNews.com.
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By Manuel on Feb 05, 2019 10:03 am
The infamous bear market which began in early winter of 2017 – now popularly called the crypto winter – has hit hard on many startups and rendered many projects as wastelands. Many startups that raised their funding caps later fell short of expectations due to the reduced value of funds collected in crypto and could no longer fulfill their obligations to the development timeline. While some are yet to produce a working prototype and have relied mainly on market situations to remain significant, others kept their funds in fiat and were able to maintain development strides. These are building bridges and establishing quality partnerships relevant to their stay in the industry. Some startups resolved to layoffs and reorganizations when they could no longer manage allowances and had to cut down on excesses to maintain minimum operations for their project. Consequently, a large number of developers and blockchain experts have been returned to the job pool. Some companies successfully raised their capital and chose not to get listed on any exchange but rather adopt the ‘BUIDL’ route to salvage whatever little significance the development trend could offer. Moreover, many never raised enough to make it to any trading platform, so it was the perfect excuse to ‘BUIDL’. In the middle of these occurrences, some startups remained valiant and challenged the bear market head-on. Some shared their experiences and opinions with news outlet Coindesk, and maintained that they were going long with the overall crypto outcome. For some of them, this was possible only because they were survivors of the previous bear market in 2014 and now understand the terrain better, especially after witnessing the huge spike in the price of bitcoin to sky-high USD 20,000 – a feat many are eager to see again. “We were expecting an extended downturn as we were around for the last bear market,” Matt Luongo, the project lead of Keep told Coindesk in a response to a ‘crypto winter survey‘. Another respondent Brayton Williams, a co-founder of Boost VC opined: “This ‘winter’ is 100X better than the 2014/15. People don’t think crypto is going to die. They are all just trying to time for when it comes back. In 2014/15, the conversation was all about if crypto survives at all.” One peculiar observation in the crypto startup trend is the likelihood that the ecosystem is gradually resembling the initial public offering façade that most have dreaded. “The investment money is returning back to the norm of difficult to obtain. I think the ‘winter’ is greatly exaggerated. We are just back to normal behaviors,” says Williams. It is important to note that this isn’t the first bear market in the history of crypto. The flagship crypto Bitcoin has seen a fair share of dramatic price fluctuations over the years. Perhaps the reason this particular one has become more noticeably disturbing is the fact that the rate of exposure was greatly facilitated by players from outside the cryptosystem, yet it remains unknown why the gradual shift in paradigm, the interest from institutions, and possibly support from government organizations have had little effect on price movement. However, some that have done well have advised that ICOs spread their capital across crypto indices or liquidate as much from the funds collected to run development for up to a minimum of two years. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Bitcoin News The post Bear Market Anniversary: How Startups Kept Above Water appeared first on BitcoinNews.com.
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By Manuel on Feb 05, 2019 06:47 am
Despite the prolonged bear market, interest in blockchain technology continues to soar. Acquisitions are growing and now, a common practice called “acquihire” sees companies targeting blockchain startups for either both tech and expertise or to simply recycle their expertise. The latest finds social media giant Facebook in a move to acquihire a small blockchain-startup Chainspace, reports news outlet Cheddar yesterday. Facebook’s serious endeavors towards developing its own blockchain from scratch have made a new stride. This move is apparently the first scaled interest beyond the research exercise it was into for the most part of 2018. The Chainspace team are reported to be researchers from the University College London and have been specializing in the sharding techniques with blockchain technology to scale transactions through decentralized smart contract systems. They were also exploring applications of decentralization in polling systems. No figure has been disclosed as of yet, and it remains unknown what price tag the multi-billion-dollar company placed on the startup’s team. However, the team was in the process of crowdfunding USD 4 million to execute their project. The figures may have been worthwhile as they have announced that the project will be “moving on to something new”, according to its website. Last year, Facebook had shown interest in making its own cryptocurrency but said it would explore blockchain first. Its idea of a cryptocurrency appears to have taken the form of a stablecoin that will be used on its mobile messaging app WhatsApp. In May of 2018, Facebook formed a blockchain exploration group led by David Marcus who was a former board member of Coinbase. The group was tasked with seeking applicability of blockchain in the company’s business and later that year, blockchain-related job listings appeared on its career page. Now, more than 40 people are reportedly working in Facebook’s blockchain division, and the company continues to talent hunt for experts in the fields of engineering, product and business development, blockchain, cryptocurrency, and legal. In yet another acquisition spree, San Francisco-based cryptocurrency exchange Kraken has revealed that it has made a 9-figure move (while undergoing a seed funding round of USD 100 million) to acquire Crypto Facilities, a British trading firm that specializes in derivatives. This deal for Kraken ranks it first to offer both spot and futures trading in Bitcoin, Ethereum, and Ripple, in an attempt to attract institutional investors. Both acquisitions, as well as many others, demonstrate a healthy crypto and blockchain ecosystem and affirms that blockchain isn’t going away anytime soon. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: BitcoinNews.com The post Facebook “Acquihires” Blockchain Startup Chainspace appeared first on BitcoinNews.com.
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By Manuel on Feb 05, 2019 03:29 am
Last year saw lots of interest from institutions, who were a part of a hype-drive that supposedly should have ushered Bitcoin and the altcoins out of a prolonged bear market in 2019. Suddenly, the prospects for institutional investments in the cryptocurrency markets have far more long-reaching effects than the actual application of the blockchain technology itself. It suggested that investors were bored with the cliché of what blockchain is and its potential, and are far more interested in how much they can profit off its underlying asset class. Institutional investor flux In preparation for these new class of investors, crypto ventures were adjusting their business infrastructures to accommodate the changes that would ensue from the influx of these sophisticated investors. Top cryptocurrency exchange by trading volume Binance reportedly added sub-account features; Chicago-based cryptocurrency exchange Seed CX introduced spot trading facility for institutional investors; number one US crypto trading platform Coinbase launched an over-the-counter (OTC) trading platform for institutional clients; Circle’s Poloniex opened up trading services exclusive for institutional clients, and many more strides in the direction of high net-worth investment categories. Perhaps the most currently notable investment interests for this class of investors include those to be offered by Intercontinental Exchange’s (ICE) Bakkt and Fidelity. The growing interests in these platforms suggest that these products would probably turn the tides for the crypto market upside, as it is perceived that they would offer a fresh inflow of capital and liquidity into the space. Rewriting the market narrative Accordingly, when the market crashed in November 2018, falling below the supposed bottom of USD 6,000 at the time, many thought that was the moment for institutional investors to hop in. Still, prices have breached many more speculated bottoms and are currently hovering around USD 3,400; yet, most of these investors have stayed their hands. One question, if these investors could actually change the narrative for the market, what’s stopping them? Here are a few pointers: liquidity issues, susceptibility to market manipulation, regulation uncertainty, and crypto custody issues. Above all, the right framework may yet be the reason why these investors have not fully immersed themselves. Moreover, insights provided by John Devlin, chief analyst at P.A.ID suggested that crypto needs to rise above stigma, and also become more regulatory compliant: “According to P.A.ID Strategies, 68% of Bitcoin exchanges across the US, and Europe is not KYC compliant.” On another note, head of regulatory surveillance and marketplace at Nasdaq Tony Sio told business insider that while lots of exchanges were reaching out for Nasdaq’s SMARTS Trade Surveillance platform, it was however difficult because according to him, as a startup, “it is quite hard to set up because it requires a fair bit of work… [and] probably one of the sticking points”. This would imply that some of these investment propositions to institutions need time to develop and mature before implementing to scale. Although some of the new projects reportedly claim that they are working diligently to ensure that their final product will meet the standards and expectations of the new class of investors. However, it remains to be seen exactly how the market will play out in the event that these platforms are finally launched. Follow BitcoinNews.com on Twitter: @BitcoinNewsCom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Bitcoin News The post If Institutions Could Change the Crypto Market Narrative, What's Keeping Them? appeared first on BitcoinNews.com.
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By Harold Vandelay on Feb 04, 2019 10:31 pm
Venezuela’s new cryptocurrency legal framework originally introduced by the country’s Constituent National Assembly came into force on 31 January. But will it last? The question now remains how long will the legislation hold in its current form due to civil unrest, and most importantly a possible change of power; one which could introduce a path to a more liberal attitude toward cryptocurrencies if Juan Guaidó‘s pro-crypto stance is translated into action. While Maduro hopes Trump’s threat of intervention doesn’t force a change of leadership in Venezuela, current legislation remains in place. The new Constituent Decree on the Integral System of Crypto Assets being one, sets a new set of rules for miners, crypto entrepreneurs, and regular traders. The bill essentially outlines that all these operators must be licensed and those who operate without approval will be fined. It also defines crypto terms and confirms that national crypto watchdog Sunacrip will now monitor all cryptocurrency activity with a view to controlling “creation, emission, transfer, commercialization and exchange” within the space. The registration procedures for crypto exchanges, wallets, and mining entities are outlined in the latest document and introduces the concept of several types of licenses, which would be issued according to different types of managed assets. Penalties for violation of regulations could incur prison terms up to three years and fines between USD 3,000 to USD 6,000. Regarding mining, the new law permits Sunacrip to inspect mining companies and also confiscate equipment. The hardware would then be used for “social purposes”, although it is unclear exactly what this means. The new laws regulating the industry could be short-lived if Maduro begins to lose his hold on power, an outcome being predicted by many countries around the globe who have openly backed a Guaidó-led new government. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here. Image Courtesy: Bitcoinews.com The post Venezuela's New Crypto Bill Now Law, but for How Long? appeared first on BitcoinNews.com.
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Recap - Day in Crypto - BitcoinNews.com for 02/05/2019