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Showing posts from July 22, 2021

KFC Korea and TriumphX marketplace sign deal to develop NFT content

KFC wants to promote its branding to Koreans through nonfungible tokens. Entertainment and nonfungible token marketplace TriumphX has signed a memorandum of understanding (MOU) with fast-food giant KFC in South Korea. The agreement will focus on joint blockchain research with the aim of integrating NFT technologies and enhancing the branding of the fried chicken outlet. According to reports in local media, KFC Korea plans to introduce blockchain and NFT technology to its branding content. The fast-food franchise intends to issue NFTs to its customers comprising different digital formats including video, art and graphics, and metaverse collectibles. TriumphX's NFT issuance know-how will be leveraged to create and sell KFC-themed NFTs to a customer base that is already familiar with the Kentucky Fried Chicken brand. Fried chicken and KFC is popular in South Korea with more than 210 outlets nationwide. According to a 2019 SCMP report , there were more fried chicken restaurants ...

Pro-Trump MAGACOIN crypto launch marred by website data breach

Roughly 75 million MAGACOIN were created to support pro-Trump candidates in 2022. The launch of a cryptocurrency developed by Donald Trump supporters last week has been marred by a website data breach. According to The Guardian, user information including IP addresses, email addresses and passwords were accessed via a poor security configuration on the project’s website. The crypto is dubbed MAGACOIN after former President Trump’s “Make America Great Again” slogan. The project’s website claims that MAGACOIN was “created by America First Conservatives out of frustration with “Losing the Election” (the site has it in quotes) and “a desire to fight back by supporting MAGA candidates in 2022 and beyond” with profits from the coin. An unnamed and self-described hacktivist told The Guardian that more than 1,000 people have signed up, including Republican figures and conservative media personalities, with the majority of hodlers having around 100 MAGACOIN. The project’s creator, used c...

Texas and Alabama Regulators Crackdown on Blockfi’s Interest Bearing Account Product

Fresh off the heels of Blockfi’s issues with the New Jersey Bureau of Securities, the company is now having problems in the state of Alabama. The director of the Alabama Securities Commission (ASC), Joseph Borg, explained on July 21 that he issued a show cause to the firm. Borg wants Blockfi to explain why the ASC should not copy New Jersey’s cease and desist as Alabama regulators also seem to believe they might be selling unregistered securities. Blockfi has received another order from the Texas State Securities (TSS) Board for the same reason. Alabama Securities Commission’s Show Cause Order Calls Blockfi Accounts Unregistered Securities, Texas Joins the Crackdown The director of the Alabama Securities Commission (ASC) Joseph Borg told the press on July 21 that Blockfi was sent an official show cause order. A show cause order is different from the cease and desist issued against Blockfi in New Jersey, as it gives the firm a chance to explain whether or not the order is justif...

Possible ‘white hat hacker’ exploits THORchain for $8M, proposes 10% bounty

The white-hat hacker claims to have mercifully minimized the damage of their $8 million exploit in a bid to teach THORChain a lesson. Cross-chain decentralized exchange THORChain has suffered its second multi-million-dollar hack in as many weeks, with $8 million worth of Ether impacted. However, the attack appears to have been carried out by a white-hat hacker, with THORChain announcing the perpetrator had requested a 10% bounty. ETH will be halted until the code has been audited. Liquidity providers impacted by the exploit will be subsidized using the project’s treasury funds The whitehat requested a 10% bounty - which will be awarded if they reach out, and they should be encouraged to do so. It is a tough time for the community and project, and the pain is real. The treasury has the funds to cover, but it's time to slow down. — THORChain (@THORChain) July 23, 2021 The exchange — which is still in the middle of a staged beta launch called Chaosnet — conceded that the ...

‘Undo Button’ developer Kirobo launching decentralized P2P token swaps

Israeli blockchain tech developer Kirobo is set to launch a P2P token swap solution it claims is cheaper than using exchanges and over-the-counter parties. Israeli blockchain tech developer Kirobo is launching a decentralized P2P token swap solution. According to the company the protocol, dubbed “Atomic Safe Swap,” offers a decentralized peer-to-peer trading alternative to centralized marketplace exchanges or over-the-counter (OTC) desks, and is set to launch on July 27. The service is built on Ethereum and supports Ether (ETH) and ERC-20 tokens. Atomic Safe Swap is an extension of the firm’s retrievable transfer solution ,“Undo Button” which enables users to cancel and retrieve crypto transactions. The Undo Button provides an authentication key that the receiving party must enter for the transaction to be fulfilled. The sender can cancel the trade and retrieve their funds if the receiver hasn’t yet entered the authentication key. Users can currently connect Ledger and Trezor wa...

Number of investors owning Bitcoin has tripled since 2018: Gallup Poll

Three times more U.S. investors are holding BTC now than in 2018 according to the poll. A recent survey has revealed Bitcoin has gained traction with younger U.S. investors in terms of awareness, interest, and ownership over the past three years. The study conducted by global analytics and advice firm Gallup revealed that the number of investors in the U.S. holding BTC has jumped from 2% in 2018, to 6% as of June 2021. The research defines “investors” as adults with $10,000 or more invested in stocks, bonds, or mutual funds. It also reported that Bitcoin ownership among investors surveyed aged under 50 has more than trebled over the past three years to 13% from 3% in 2018. Unsurprisingly, it revealed ownership was much lower at just 3% for the over 50s group of investors, though this has also increased three-fold from 1% in 2018. The researchers noted that Bitcoin’s relatively modest ownership can be contrasted with more mainstream investments. The survey revealed that 84% of the...

‘Ethereum Improvement Proposal 3675’ for the Eth2 merge launches on Github

The coming Eth2 Proof-of-Stake chain merge now has an Ethereum Improvement Proposal. A formal Ethereum Improvement Proposal has been created for the network’s forthcoming chain merge, bringing Ethereum one step closer to realizing its highly anticipated Proof-of-Stake (PoS) transition. On July 22, ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on Github, formalizing the chain merge as an improvement proposal for the first time. The EIP has also been slated for discussion during the July 23 Ethereum Core Devs Meeting by developer Tim Beiko. Hard to overstate how valuable's @mkalinin2 's work on The Merge has been, and it's finally being formalized in an EIP https://t.co/pNRerXFxVf — Tim Beiko | timbeiko.eth (@TimBeiko) July 22, 2021 The proposal would merge the Ethereum and Eth2 chains, transitioning the network’s consensus mechanism away from Proof-of-Work and empowering stakers to validate transactions. The EIP notes that no “safety nor ...

Coinbase Commerce Now Supports Dogecoin Payments

Coinbase now accepts commerce payments in dogecoin. With the addition of the meme crypto, Coinbase Commerce now allows customers to check out and pay with seven cryptocurrencies. Coinbase Commerce Now Supports Dogecoin Coinbase Commerce is a platform by the Nasdaq-listed Coinbase that “enables merchants anywhere in the world to accept cryptocurrency payments in a fully decentralized way,” its website describes. The company announced via Twitter Wednesday: We’re now accepting commerce payments in dogecoin (DOGE). According to its website, seven cryptocurrencies are now supported. Customers can “check out and pay with bitcoin, bitcoin cash, dai, ethereum, litecoin, dogecoin, or USD Coin.” The website further explains: “All payments facilitated by Coinbase Commerce are fully decentralized and peer-to-peer. This means that the cryptocurrency goes directly from your wallet to a wallet that is only accessible by the merchant. At no point in this flow does anyone except t...

No, Jack Dorsey isn't trolling ETH by making its logo the Ethiopian flag

“Great to see Jack and the crypto community supporting the #ETH athletes!” the Official Olympics account posted earlier today after Ethereum got a new ‘logo’. Crypto Twitter was united in amusement today when the hashtag #eth began to automatically show the Ethiopian flag as the Ethereum 'logo'. Given Twitter CEO Jack Dorsey’s love of Bitcoin and the fact Bitcoin has its own Twitter icon many wondered if Dorsey was subtly trolling Ethereum (ETH). After all he’s a staunch Bitcoin (BTC) maximalist that has refused to consider buying into ETH and other altcoins on multiple occasions and has repeatedly stated that Bitcoin will become the internet’s native currency . The Twitter and Square founder certainly saw the funny side of it, Tweeting “#eth” which drew the attention of the official Olympics account which said it was “great to see Jack and the crypto community supporting the #ETH athletes!” Twitter influencer Crypto Cobain also found the funny side and tweeted “HAHA...

Switzerland’s Largest Bank UBS Says Clients Have Crypto FOMO

UBS, Switzerland’s largest bank, says that clients are looking at different investment alternatives and there is a bit of a fear of missing out (FOMO) when it comes to cryptocurrency investments. UBS Says There Is a Bit of Fear of Missing Out The CEO of UBS Group AG, Ralph Hamers, talked about cryptocurrency in an interview with Bloomberg’s Manus Cranny, published Tuesday. Given that a growing number of investment banks are offering crypto services or investments with exposure to cryptocurrencies to their clients, he was asked what UBS is doing for its wealth management clients in terms of providing access to cryptocurrency investments. “Clients are looking at different alternatives,” he replied. “They hear about crypto and there is a bit of a fear of missing out [FOMO] as well.” The CEO elaborated: They read it in the papers but they also see the volatility so honestly we advise with caution and we don’t offer it actively … We feel the crypto itself is still an untested asset ...

Shanghai Man: US senators tell athletes to avoid digital yuan, Chinese exchange volumes rebound … and more

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Olympic battle After months of writing about the relentless actions of the Chinese government, this week we lead with a story from the US Government. On July 19, three US senators signed a letter addressed to the to U.S. Olympic and Paralympic Committee, requesting US athletes not use the e-CNY in Februarys Winter Olympic games in Beijing. The logic was that the digital currency would be traceable after the athletes returned to the US, in case China was interested in tracking foreign bi-athletes and bobsledders in their offseason training regiments. Chinas Foreign Ministry spokesperson Zhao Lijian snapped back that the senators should stop making troubles and figure out what a digital currency really is. Zhao apparently believes that the US lawmake...

JPMorgan Begins Offering 5 Cryptocurrency Funds to Clients

Global investment bank JPMorgan has reportedly green-lighted its advisors to provide clients with access to five cryptocurrency funds. The funds are available to all JPMorgan’s wealth management clients seeking investment advice. The move makes JPMorgan the first large bank to expand crypto trading access beyond just ultra-wealthy clients. JPMorgan Now Offers Access to Crypto Funds JPMorgan has given its financial advisors the green light to give all its clients access to cryptocurrency funds, the Insider reported Thursday, citing people directly familiar with the matter. This move makes JPMorgan the first large bank to expand crypto trading access beyond just ultra-wealthy clients, the publication conveyed. In a memo distributed earlier this week, JPMorgan told its advisors that effective July 19, they can take orders to buy and sell five cryptocurrency products. Four of them are from Grayscale Investments: the Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Clas...

Stacks (STX) price rallies 195% after revealing plans to bring DeFi to Bitcoin

STX price rallied 195% after the introduction of smart contracts enabled the launch of DeFi and NFTs on the Bitcoin network. Ethereum ( ETH ) is currently the leader when it comes to smart contract capabilities and the sheer number of projects operating on its network, but the push to build products on Bitcoin ( BTC ) is gaining traction with advocates like Square CEO Jack Dorsey spearheading the effort to bring decentralized finance (DeFi) to the Bitcoin network. One project aiming to combine the features of DeFi with the security of the Bitcoin network is Stacks (STX), a layer-one blockchain protocol designed to bring smart contracts and decentralized applications (dApps) to the Bitcoin network. Data from Cointelegraph Markets Pro and TradingView shows that since dropping to a low of $0.50 on June 22, STX price rallied 195% to $1.47 on July 11 and now that Bitcoin has shown some bullish momentum, STX price is moving higher again with a 10% gain on July 22. ST...

Billionaire Thomas Peterffy Invests in Crypto, Says There’s a Chance It Could Be ‘a Dominant Currency’

The founder and chairman of Interactive Brokers, Thomas Peterffy, has revealed that he put money in crypto because he believes “there’s a small chance that this will be a dominant currency, so you have to play the odds.” Interactive Brokers Chairman Invests in Crypto Thomas Peterffy, founder and chairman of a major online trading platform, Interactive Brokers (Nasdaq: IBKR), revealed in an interview with CNBC Wednesday that he has invested in cryptocurrency. Interactive Brokers has about 1.33 million customer accounts and $330.6 billion in customer equity as of the first quarter. Clients from over 200 countries and territories invest globally in stocks, options, futures, currencies, bonds, and funds from a single integrated Interactive Brokers account. According to Forbes, Peterffy’s net worth is currently $21.4 billion. The chairman explained that he has invested in cryptocurrency even though he is unsure of its future, stating: Even I myself have put a little bit of money into...

Texas alleges that BlockFi is offering unregistered securities

The state's financial regulator join its counterparts in New Jersey and Alabama in taking action against the crypto lending platform. The Texas State Securities Board has filed for a cease and desist order against crypto lending firm BlockFi for not offering a security licensed at the state or federal level. According to a Thursday filing, the state regulator will be holding a hearing related to allegations BlockFi is illegally funding its crypto lending operations and proprietary trading through the sale of unregistered securities. Should the judge accept that the platform’s accounts earning interest on crypto represent unlicensed securities, BlockFi may be subject to a cease and desist order. Should the judge grant the order at the Oct. 13 virtual hearing, BlockFi and its affiliates BlockFi Lending and BlockFi Trading would likely be required to stop offering BlockFi Interest Accounts in the state without registering with a local regulator or the U.S. Securities and Exchange...

Circle K convenience stores will host thousands of crypto ATMs

Despite suspending service to some crypto ATMs during the early days of the pandemic, Bitcoin Depot has continued to expand. The largest Bitcoin ATM operator in the world has said it will be expanding into Circle K locations in the United States and Canada. Bitcoin Depot announced today that more than 700 of its Bitcoin ATM machines had already been installed at Circle K convenience stores in 30 U.S. states as part of the new partnership. The crypto ATM distributer said the expansion could provide underserved communities with financial access tools and attract more people to the crypto space. “Over the last year, we have watched cryptocurrency gain mainstream adoption by wealth managers and investment firms, but what about the people that don't have access to those services?” Bitcoin Depot’s director of product Alona Lubovnaya told Cointelegraph. “ATMs being located in Circle K's provide an easy onramp for the underbanked and less affluent, not just someone with a wealth ...

Reserve Bank of India mulls first steps toward an eventual CBDC

RBI is looking for ways to test a CBDC while causing little to no disruption for the bank’s status quo. The Reserve Bank of India, or RBI, continues to investigate the issuance of a central bank digital currency, or CBDC. T Rabi Sankar, the deputy governor of RBI, said in a speech organized by the Vidhi Center for Legal Policy that private digital currencies could be part of what makes CBDCs ultimately necessary. He felt that the RBI’s development of it’s own CBDC could provide the public with many of the same uses as digital currencies such as Bitcoin, while limiting the average user’s exposure to volatility. He stated: “Indeed, this could be the key factor nudging central banks from considering CBDCs as a secure and stable form of digital money…. The case for CBDC for emerging economies is thus clear – CBDCs are desirable not just for the benefits they create in payments systems, but also might be necessary to protect the general public in an environment of volatile private VCs....

Crypto Exchange BitYard Undertakes Brand Refresh With New Logo and Slogan ‘Grow Your Future in the Yard’

PRESS RELEASE. BitYard , the world’s leading cryptocurrency derivative exchange based in Singapore, announced a refreshed corporate visual identity: a new logo highlighting ‘B’ & ‘Y’, a fresh slogan, and a vivid color palette. While ‘B’ conveys the strong belief on an inevitable trend of Bitcoin and other crypto evolving into currencies in global usage, the letter ‘Y’ derived from the word ‘Yard’ signifies BitYard’s ambition to become global traders’ backyard oasis, offering the most diverse digital investment services. Along with the brand refresh, BitYard introduces an optimal UI/IX on its mobile App, aiming to ensure the services run smoothly. Not only does the upgrade inject new vitality into BitYard, but it also provides its users with a more accessible, personable, and pleasant experience in their digital trading journey. The new slogan of BitYard ‘Grow your future in the yard’ is at the heart of the company’s vision of becoming the perfect beginner-friendly backyard for gl...

3 reasons why traders think Bitcoin price bottomed at $29,500

Bitcoin’s bounce above $32,000 boosted the mood among traders who believe the bottom is in, but some analysts caution that heavy resistance blocks the road to new highs. Traders are showing a renewed sense of hope after Bitcoin ( BTC ) price held onto the $32,000 range for what could be the second day in a row. Data from Cointelegraph Markets Pro and TradingView shows that bulls have managed to regroup at the $32,000 level where Bitcoin has hovered throughout the day but traders a patiently waiting for further confirmation that Bitcoin may be in the midst of a trend reversal before fully re-entering the market. BTC/USDT 1-day chart. Source: TradingView Here's what analysts and investors expect next from Bitcoin price. CME futures see a bullish surge According to a recent report from Delphi Digital, an aggressive reversal was observed in the CME futures basis on July 21, and this is a bullish sign for BTC traders who scooped up 'cheap' futures contracts. The re...

Goldman Sachs Survey Shows Family Offices Are Flocking to Crypto Investments

High net-worth families are turning to cryptocurrency investments, according to a recent Goldman Sachs survey that found close to half of the company’s family office clients are inquisitive about crypto-asset investments. A Goldman Sachs executive further said that a large portion of the company’s family office clients are asking about blockchain and cryptocurrency technologies. Following the SPAC Boom, Family Offices Target Crypto Investments A recent report from Bloomberg suggests that the ultra-rich families of the world are interested in blockchain and crypto-asset investing. The report stems from the New York-based multinational investment bank and financial services company Goldman Sachs, which conducted a study that polled over 150 family offices. The findings suggest high net-worth families are turning to crypto because of “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.” A ...