The crypto division of Square, Square Crypto, has recently hired Matt Corallo. The announcement was made on Twitter. He was one of the co-founders of Blockstream and a prominent Bitcoin dev. He previously worked on Chaincode Labs, too, where he passed almost three years.
Corallo commented on the news affirming that he was very excited to be a part of the team. According to him, it will be very exciting to experiment on Square Crypto and to make Bitcoin even better.
During an interview, he affirmed that the work will be different from what he is used to, but that the bigger the problems, the more you need talent.
The whole project is set to be open source, so the upgrades made by them can be used for others interested in Bitcoin as well.
Square Crypto Is Building Its Team
Corallo was just the newest addition to the company created by Jack Dorsey. Since the announcement of the initiative back in March, many people have been wondering who would be working on it.
The goal of the startup is to create a small but good team that will have a single designer and some software engineers.
Before him, Steve Lee was hired. He worked as a Google director previously and was hired to lead the new team. At the time, he affirmed that the team would be focused on creating the technology that could complement Bitcoin and make it more efficient and mainstream.
Author: Lorraine Mburu
Mike Pompeo, the U. S. Secretary of State, wants to regulate Bitcoin (BTC). According to him, the asset should be regulated in the same way that all other financial transactions which made online currently are.
During a recent interview with CNBC’s Squawk Box, he affirmed that anonymous transactions are very risky and that terrorists might start to use it if they remain unregulated. According to him, the country has moved forward a lot when it comes to tracking money, so not doing it would open a breach for illegal activities.
To him, if anonymous transactions become the norm, this would greatly decrease the security of the whole world, which can become an issue as time passes.
The host of the show, Koe Kernan, brought up that the Treasury Secretary Steve Mnuchin affirmed that more Bitcoin is used for illegal activities than cash. Pompeo supported the other secretary in his allegations against crypto.
According to Mike Pompeo, however, the main difference between him and his colleague is that Mnuchin wants a very tight and specific regulation on Bitcoin, while he believes that the asset should just be regulated as any other asset currently is.
Unfortunately, neither of the secretaries seem to understand Bitcoin very well. It has been proved several times that fiat currency is used way more than Bitcoin in money laundering and terrorism financing, so there is no excuse to keep being ignorant on the subject.
Bitcoin is also very hard to regulate, so they would probably have a very difficult time to do the same that can be done to similar digital transactions.
Author: Lillian Peter
The U. S. Securities and Exchange Commission (SEC) has recently decided to emit a cease and desist order against ICO Rating, which is a company focused on researching about the crypto market and rating the best investments.
According to the SEC, ICO Ratings has violated the Securities Act. The company is being accused of describing securities to get a certain direct or indirect compensation from the group that issues the investment.
This happened because the company charged fees in order to create the reports of the investments. As some of the tokens listed on the platform were considered securities, the company broke the law. The illegal reports were also widely published on social media, which is also against the norms.
The SEC affirms that ICO Rating was paid over $100,000 USD by companies and groups that issued ICOs to have them rated. These payments, however, were never disclosed to the readers of the site, meaning that they could end up investing in these security tokens without knowing that they were seeing something that the SEC considered to be a paid promotion.
ICO Ratings was ordered to cease all activities, give the money back (plus interest) and then pay a civil money penalty that would be over $160,000 USD.
Author: Gabriel Machado
Facebook is having a hard time convincing regulators and lawmakers to approve its new digital coin Libra. Now that both the United States and India have presented concerns about the project, it was the time for the European Union to do it.
Antitrust regulators from the EU are currently investigating the potential that Libra has for “anti-competitive behavior”, according to Bloomberg. The Libra Association, they believe, could easily turn into a monopoly that could easily shut the doors from rivals in the industry.
While Facebook would mainly use the token, the Libra Association would reunite several major companies in the technology area which are said to join forces in order to regulate the process.
The officials from the commission are concerned that Libra may be used in order to create restrictions for the competition and that Facebook and the Libra Association will not handle customer data as well as they say they will, which is quite frankly not surprising. Facebook has quite a bad track record when it comes to protecting information from its customers.
There is an investigation going on right now in order to determine whether Facebook may use its power unfairly to weed out competitors or not. Facebook, according to Bloomberg, has declined to comment on the investigation right now.
Facebook’s Libra, in case you lived under a rock the last few months, is a sort of semi-centralized cryptocurrency that would be used by Facebook, Instagram and WhatsApp users all over the world. As its user base would be simply huge, there are several concerns about how much power Facebook and the Libra Association will have on their hands after the launch.
Author: Denis Miriti
Robert A. Cohen, the former head of the U. S. Securities and Exchange Commission (SEC) Cyber Unit, will be joining Coinbase’s law firm Davis Polk & Wardwell LLP soon. According to the reports, he is the newest partner in the company.
The executive worked with the SEC for 15 years and quit last month. Every eye was on him ever since, as people were wondering where he would go. After his departure, the division of the SEC is without a leader temporarily, as no one was announced to take his place.
His former unit was, in fact, very focused on the crypto world. It was created back in 2017 by the SEC to check issues involving the blockchain technology.
During his work with the cyber unit, Cohen oversaw several lawsuits and legal activity. He also got famous as he pursued legal action against several Initial Coin Offerings (ICOs). One of the most high-profile cases was the one against Kik Interactive, which happened recently.
Recently, Cohen affirmed that the SEC carefully choose who to go after. Their goal was to get some high-profile cases in order to get the word out. This way, more companies would understand the risks of illegal ICOs and would stop it without the SEC needing to go after every company out there.
Now, Robert A. Cohen has changed sides and will help Coinbase. He is, however, legally barred from speaking with any SEC official for around a year. There are regulations which prevent him from using too much of his influence now that he is out of the public service.
Author: Gabriel Machado
David Chaum, a pioneer in the crypto world, has recently decided to launch a new cryptocurrency called Praxxis. According to him, Praxxis will be a token that will follow his original vision for digital money.
He affirmed that the new project is set to have upgraded security and be quicker and more scalable than the other cryptos in the market. The idea is, like Bitcoin’s main goal, to replace cash. Chaum was recently interviewed by The Block Crypto and revealed more details about the asset.
He affirmed that it is based on the Elixxir blockchain and that it will also follow Satoshi Nakamoto’s vision of cryptocurrencies. He believes that Bitcoin is a great way to store value, but it is currently missing some key features in order to be used properly as cash. His goal is to create a currency that can fully satisfy scalability, decentralization and security.
This new protocol is also set to be “quantum-resistant”, meaning that even quantum computers will not be able to hack it. This is the kind of threat that many people are already predicting that the future will bring, so it is certainly a good idea.
At the moment, the new revolutionary currency is being backed by private investors. However, a token sale will probably happen whenever the protocol is finally ready.
The Father of Digital Currencies
David Chaum is the real father of all digital currencies. While the figure nicknamed as Satoshi Nakamoto created Bitcoin and ushered us into the current era of crypto, Chaum was the first to come up with Ecash back in 1982.
He started a company to create it in 1990, only to went bankrupt in 1998. The idea of Ecash inspired Satoshi and led to the creation of Bitcoin.
Author: Hank Klinger
Rokkex, a crypto exchange based in Estonia, has recently started a new partnership with the French Ledger wallet, which is known for its popular hardware wallets. The company will now integrate its services with Ledger’s wallet for enterprises: Ledger Vault.
The vault will be used to secure the assets of the company with highly advanced security measures.
The Estonian company was created last year as a fully regulated platform, so it will have wealthy clients that will want to protect their assets. According to the founder and CEO of Rokkex, Lukas Krikstaponis, the first tests with the technology were very successful. The head of Ledger Vault, Demetrios Skalkotos, has affirmed that they can provide full transparency and protection from attacks.
By using this product, the clients will retain full access but they will have additional protections such as cold storage and other guarantees. This is important because several exchanges have been hacked recently, meaning that security is now more important than ever. Many exchanges try to secure the assets themselves and
Ledger Wallet was first launched in May 2018 to be used as a security tool that could target institutional investors.
The product has a structure that helps most companies because it works with multiple authorizations, meaning that its governance infrastructure can be used by institutions that share the assets with different investors.
Author: Gabriel Machado
A total of 11 new projects have announced this week that they joined the Messari Disclosures Registry. The registry includes several projects, the most popular new ones are Cardano, V Systems, Lisk and Beam, all which are in the top 100 crypto projects by market cap. Akropolis, Fusion, Keep, Permission, Orbs and Elrond were also added.
With these new projects becoming a part of it, the registry now has a total of 54 projects. Back when it was launched at the end of last year, the Messari registry had only 12.
The Messari Registry
The registry was created to bring more transparency to the crypto market. Each project can decide on its own whether to participate. If the project does participate, they disclose information about their business to investors, which can check the database at any time before they invest in it.
According to the founder of Messari, Ryan Selkis, being able to find basic information about cryptocurrencies is essential to make good investments, which are able to let the industry move forward.
It was in order to distribute information freely that the registry was first created back in 2018. With the new companies that were listed now, the Messari Disclosures Registry is set to become even more important. Cardano alone has a market cap of over a billion USD and a large community, so its entrance is bound to attract more curious investors to the database.
Author: Daniel W
Amaten, the largest gift card company in Japan, has recently started a new partnership with Aelf, a blockchain firm. Now, the two companies will band together in order to provide blockchain-based gift cards to their clients.
The plan is to create a framework that would be used to tokenize gift cards and let people use them via a blockchain-based platform. This way, people will be able to easily track them, which can end up decreasing fraud in the sector.
According to Tom Kanazawa, the chairman of Amaten, the current system was never really evolved. The digital revolution changed the world some time ago and the industry continued to be stale. Now, the company will have to evolve together to remain competitive and offer a better service to its customers.
Kanazawa also affirmed that the current system has some very basic flaws and that they make it really inconvenient for people to use the system. This is, he believes, the perfect use case for the blockchain technology.
The gift card industry is huge in Japan. According to the official data, it is a $21 billion USD industry locally. However, the global market is worth $340 billion USD. This means that Amaten will initially focus on Japan, but the company is ready to move forward internationally after some time.
With the upgrade, the company is expected to hold its position as the leader of the industry, its chairman affirms. At the moment, Amaten holds 70% of the market, so only extreme staleness could ruin the dominance of the company.
Author: Gabriel Machado
The Financial Industry Regulatory Authority (FINRA) has recently decided to approve IOI Capital and Market’s application for membership. The new company is set to offer digital securities based on the Hyperledger Fabric technology.
Now that the company has the approval of the entity, it can issue its securities to clients. According to the co-founders Hamid Gayibov and Rashad Kurbanov, the plans are to launch the platform in September.
The company had to wait around 18 months in order to be approved. FINRA has a huge backlog and it is common to take over a year to approve companies, which can get in the way of their plans sometimes.
Fortunately, this gave the company time to prepare. Kurbanov affirmed that the company wanted to make sure that all investors would end up receiving all necessary protections from them, which is why the company has already implemented all the systems that will ensure its security.
Iownit, the technology that was developed by the group based on Hyperledger, will be used to manage the technological part of the securities and create a more efficient market, according to the company’s founders.
The name of the new platform, which sounds like “I own it”, was inspired by how the blockchain can be used to secure records. All named that had blockchain in it were rejected. According to Kurbanov, many people wanted names such as Block Security or something similar. He decided to hold on because he was against following trends that were so obvious.
Author: Gabriel Machado