Nestlé Initiates Blockchain Program for Tracking Food Products with OpenSC, Moves Away from IBM

Nestle-Initiates-Blockchain-Program-for-Tracking-Food-Products-with-OpenSC-Moves-Away-from-IBM
  • Nestlé is adding milk and palm oil to their blockchain pilot.
  • Rather than using IBM’s blockchain platform, Nestlé will be using OpenSC.

Nestlé has consistently spoken about being an innovator in the food and beverage company, holding a place as the first major company that has decided to use blockchain in a pilot for tracking. The new DLT company, as reported by The Next Web’s Hard Fork, is going to start off with tracing milk, following it from New Zealand to the factories and warehouses of Nestlé in the Middle East.

In a press release from Nestlé, a representative stated that this pilot is “another important step towards the full disclosure of our supply chains announced by Nestlé in February this year.” The representative added that their efforts are expected to encourage the rest of the industry to establish “responsible production.”

Though previous pilots by Nestlé have included the IBM Food Trust with IBM, this pilot is going to use OpenSC. OpenSC is a blockchain platform created by World Wildlife Fund (WWF) Australia in collaboration with The Boston Consulting Group Digital Ventures. With these pilots, Nestlé hopes to see how well OpenSC can scale to their needs. Palm oil sourced from the Americas is expected to be added to the blockchain later on.

Blockchain technology has continually grown as various industries find use cases for it, and one of the most dominant use cases has been in the mapping of supply routes. Auchan, Albert Heijn, and Carrefour – which are all supermarket chains in Europe – have found use in blockchain as they have shipped their produce with a QR code included. Carrefour has already expressed that 20% of their products should be found on a blockchain ledger by the end of next year.

Though Hard Fork has reached out to learn other details about this collaboration between Nestlé and OpenSC, no reply has been received yet.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Krystle M

Winklevoss-backed Gemini Exchange Applies for Broker-Dealer License for Crypto Security Trading

Winklevoss-backed-Platform-Gemini-Applies-for-Broker-License-in-Order-to-Trade-Crypto-Securities

Being established and headed up by the well known Winklevoss twins – Gemini is gearing up to apply for its own license to operate as a broker and dealer from the United States’ Financial Industry Regulatory Authority (FINRA), according to news sources this week.

For the company, and exchanges overall, this represents a pretty interesting step forward in becoming a legally recognized Alternative Trading System, allowing their customers to easily trade digital securities along with digital assets.

In the past, the Gemini partnered up with the tokenized securities organization known as Harbor. The partnership in question allows institutional investors between both to purchase a range of securities with the Gemini affiliated stablecoin – GUSD – while also receiving dollar-denominated dividends with this same coin. With this already existing partnership providing an in-road for securities, it makes perfect sense for Gemini to look towards trading securities on its own.

Harbor’s CEO, Joshua Stein, discussed the kind of institutional investment that persists over 2019 during an interview back in February of the same year. Specifically, Stein explained that brokers, family officers along with investment banks, have demonstrated that they are “interested at a significant level” in the kind of potential associated with tokens. This remained the case even during the times when the regulatory climate for tokens became frigid over the course of 2017’s market craze.

Over the course of this year, the platform has placed a special emphasis on the kind of potential that these security tokens have in the world of real estate as well as startup equity fundraising,

“The [Gemini] team is very easy to work with and we are aligned in terms of taking a proactive regulatory approach and addressing the needs of the institutional players in the market,” this is according to a discussion held by Kevin Young, the marketing lead for Harbor.

So what is the first step for Gemini here? According to an internal source that’s savvy to Gemini, is that it intends to permit securities from a range of third party platforms such as Harbor, allowing them to eventually be traded through Gemini. While this is a good plan of attack, there is still the outstanding issue of obtaining the necessary approvals, which will take some time.

The whole process of getting approvals for a solution like this shouldn’t take too long with the support of a supportive regulatory body. Sadly, this doesn’t seem to be the case with the FINRA, which has so far proven itself to be recalcitrant when it comes to actually approve broker-dealer applications from crypto securities companies.

The organization itself has effectively stonewalled more than 40 separate applications, leaving them with waiting times of more than 14 months. It’s because of this that the climate for Gemini is looking more overcast as opposed to being sunny. But time will tell if Gemini can become a trailblazer for tokenized securities.

Gemini has already made some pretty impressive progress, having already qualified on a state level to provide custodial service for digital assets, an approval that the company received back in 2018 thanks to the New York Department of Financial Services.

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Author: James Fox

CipherTrace Creates New Blockchain Solution For FATF’s Travel Rule Regulations

CipherTrace-Creates-New-Blockchain-Solution-For-FATFs-Travel-Rule-Regulations

A blockchain developer called CipherTrade is set to launch a new solution that was created in order to help crypto companies to meet all the requirements of the Financial Action Task Force (FATF). The FATF, a famous international organization that fights money laundering, has recently announced new rules for its members, so the solution comes in a good time.

CipherTrace is set to team up with Shyft, a startup focused on creating a platform that will be used to store and prove identities using the blockchain technology. The two companies are set to work together in order to enable other companies to be compliant with the new “Travel Rule” created by the FATF at the same time that the clients will keep their privacy.

In order to do it, the two companies are set to create a Know Your Customer (KYC) platform that will together with an Anti-Money Laundering (AML) system and will let the participant companies transfer proof of knowledge between each other without needing to identify the information personally.

The New FATF Travel Rule

This new project was created after the Financial Action Task Force decided to announce its new recommendations for crypto. The entity works in 37 countries, so the rules will affect a considerable part of the world.

According to the new rules, companies that can be considered “virtual asset service providers”, which includes exchanges, will have to inform the FATF about their clients whenever they move funds between companies.

At the moment, the members have 12 months to adhere to the new rules and they will be reviewed after June 2020.

The Solution Created By CipherTrace

The main problem faced by the exchanges at the moment is that they lack the structure to meet these requirements. For instance, most companies have to way to share their KYC with other companies or to alert them of any kind of suspicious activity.

Shyft and CipherTrace have already started to create a pilot program that can help them to develop a system of shared smart contracts that could be used for companies as a solution to this problem.

Their goal is to make both KYC and AML considerably more efficient and to maintain a high level of privacy at the same time that security and shareability are enhanced. The information would only be revealed to other companies in case the authorities asked, so all privacy would be maintained this way.

Dave Jevans, the CEO of CipherTrace, has affirmed that with cryptographically controlled mechanisms, a company could preserve the system’s anonymity while helping the authorities to continue its fight against tax evaders, terrorists and other criminals.

According to him, it is the goal of the company to create solutions that can be used to preserve privacy at the same time that they can do what the FATF is asking.

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Author: Gabriel Machado

Bitfinex Makes Good on Tether Loan By Repaying $100 Million of $700 Million Loan from USDT

Bitcoin-Pump-Leads-to-20-Million-USDT-Transfer-from-Bitfinex-to-Tether-According-to-Whale-Alert

Bitfinex, a prominent crypto exchange, has recently repaid $100 million USD from the $700 million loan that the company had with its sister company Tether, a stablecoin operator.

According to the announcement, the payment was made via a wire transfer to the banking account of the other company. The payment was expected to be made later this year, but the company decided to go ahead and do it this week. Also, all interest accrued under the loan was also paid up until June 30.

In case you are not familiar with this very divisive loan, Bitfinex was facing a hard time in the first half of 2019 when one of its payment processors did not pay it. Crypto Capital, the payment processor, had its funds seized by the authorities because it was linked to illegal activities.

In order to continue its activities, the company decided to loan the money from Tether, which shares the same owners of Bitfinex. The trouble started when the New York Attorney General complained that the $700 million USD that was loaned to pay for the $850 million hole caused by Crypto Capital not paying.

The funds that were the basis of the stable price of Tether (USDT), should not be used for loans, according to the New York Attorney General, and this caused controversy and the start of a legal battle.

While the two companies share owners, they are distinct entities and Tether is supposed to be backed 1-for-1 with the USD. By lending the money, some of the value of the token was actually backed by debt, not fiat. Curiously, this did not affect the price of the tokens at all. They still continued to trade at normal prices even after the controversy.

Right now, the battle between the New York Attorney Office and IFinex, the holding company that manages both Bitfinex and Tether, continues. The company is being accused of covering up the losses, but it has filed a motion to dismiss the accusation, affirming that the attorney office is out of its jurisdiction and lacks the data to continue its claims.

This month, the legal battle will reach its next chapter. The NYAG office has until July 8 to file its opposition with the court and IFinex has until July 22. At the end of the month, on July 29, both companies will face each other in court again.

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Author: Gabriel Machado

Stellar Price Prediction Today: Daily (XLM) Value Forecast – July 2

  • On May 16, the XLM/USD pair reached a high of $0.1400 overhead resistance level.
  • The small body candlesticks are like the Doji and the Spinning tops which described the indecision between the buyers and sellers at the current market price.

XLM/USD Medium-term Trend: Ranging

  • Resistance Levels: $0.1300, $0.1400¸ $0.1500
  • Support levels: $0.1000, $0.0900, $0.08000

The XLM/USD pair is now in a bearish trend. The bears have broken out of the current range-bound move. On May 16, the XLM/USD pair reached a high of $0.1400 overhead resistance level. The bulls made  three attempts in breaking the $0.1400 overhead resistance level. On each attempt at the $0.1400 resistance level, the bulls were resisted and the price would fall to the support of the 12-day EMA. The 12-day EMA and the 26-day EMA are horizontally flat indicating that price is in a sideways trend.

The crypto’s price is also characterized by small body candlestick which fluctuates below and above the EMAs. The small body candlesticks are like the Doji and the Spinning tops which described the indecision between the buyers and sellers at the current market price. These small body candlesticks are responsible for poor price movement. The crypto’s price is below the EMAs which indicate that price is likely to fall. If the bearish pressure continues, the crypto will find support aof $0.00900.

XLM/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Stellar is in a bearish trend. On June 29, the bulls were resisted at the $0.1175 price level and XLM/USD pair was on a downward correction to a low at $0.10250 price level. The crypto’s price is now in a tight range bound move. Meanwhile, the XLM price is in the oversold region of the daily stochastic but below the 20% range. This implies that price is in a bearish momentum and a sell signal.

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The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

Deutsche Borse’s Xetra Exchange Lists First Crypto-Oriented Company, Advanced Blockchain AG

Deutsche Borse’s Xetra Exchange Lists First Crypto-Oriented Company, Advanced Blockchain AG

Leading financial asset firm for stocks, bonds and funds, a Deutsche Borse trading platform Xetra, on July 1st listed its first ever blockchain company.

German media outlet DGAP.de reported on Monday that the shares in the firm, Advanced Blockchain AG, will be readily available for trade on Xetra starting from today.

Drive Towards Blockchain

The listing of the blockchain company is a sequel to the company’s launch on the Frankfurt Stock Exchange earlier in January.

The blockchain industry is gradually gaining momentum throughout the world, and nobody wants to be left behind, especially not European firms. German-based Advanced Blockchain specializes in developing distributed ledger (DLT) software for businesses, according to DGAP.

Along with its associate company Nakamoto GmbH, the company has developed a revolutionary project called Peaq, which is specially designed to provide a blockchain base layer for interested companies and establishments.

The company is also developing a directed acyclic graph (DAG)-based blockchain called DAG, which after its completion will be used for a number of projects in industries such as the Information and Technology, Automobile, financial and not forgetting the engineering industry.

Blockchain in Europe

European nations are gradually tilting entirely towards the blockchain technology, with its transparency and versatility is one of the many reasons why most firms on the continent are now aligning themselves with the crypto invention.

Germany, being one of the leading nations on the continent won’t be contented to sit at the edge and as such, supported start-up and established blockchain firms. In May Advanced Blockchain made Forbes List of “10 Blockchain Companies to Watch in 2019,’” and was placed at number 2.

Meanwhile, the German authorities are looking into the activities of exchanges and cryptocurrency platforms, in a bid to regulate their operations and conform them to internationally acceptable standards.

Bitcoin Exchange Guide.com in December reported that the German BaFin regulator issued a stern warning to crypto exchanges, especially on their ICO, and warns that the country will not accept any form of operations that is not in conformity with the international standards.

Under the new proposed regulation, initial coin offerings and other similar offerings will start to fall directly under the supervision of the government-thereby subjecting cryptocurrency products to the same international standards as other conventional fiat offerings.

Although, analysts are of the opinion that since the fiat offerings differ completely to the ICO’s, it might be pretty difficult to shield both of them under the same rules and regulations.

The regulatory agency however maintained that law and order must be maintained in the cryptocurrency market so that the industry will not become an avenue for financial criminals who specializes in money laundering and other financial crimes.

German authorities are bent on regulating the crypto sector due to the prevalent criminal activities in the industry. The government believes that, by regulating the industry, it will be safer for the citizens to invest and harder for criminals to penetrate, as all the former loopholes would have been patched.

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Author: Ogwu Emma

NEM Price Prediction Today: Daily (XEM) Value Forecast – July 1

NEM XEM S South East Asian Leader clarifies on consensus
  • The price of NEM is trading between the levels of $0.7000 and $0.1000. Today, the bulls may likely test the upper price .
  • However, the bulls pulled back price to break the EMAs.

XEM /USD Medium-term Trend: Ranging

  • Resistance Levels: $0.1000, $0.1100, $0.1200
  • Support Levels: $0.0800, $0.0700, $0.0600

In the previous week the price of NEM had been in a sideways trend. There had been no significant price change. The moving averages were trending horizontally in between the price range. The price of NEM is trading between the levels of $0.7000 and $0.1000. Today, the bulls may likely test the upper price .

Nevertheless, the small body candlesticks like the Doji and spinning tops are responsible for the range bound move. The candlesticks describe the indecision between the buyers and sellers at the current market price. These Doji and Spinning tops contribute to the consolidation of price action. The crypto has choppy price action. Nevertheless, the price of NEM is in the oversold region of the daily Stochastic but above 40% range. This indicates that price is in a bullish momentum and a buy signal.

XEM/USD Short-term Trend: Ranging


On the 1-hour chart, the price of NEM is in a sideways trend zone. The moving averages are sloping horizontally. On June 23, the bears broke the 12-day EMA and the 26-day EMA to the $0.0890 price level.

However, the bulls pulled back price to break the EMAs. Meanwhile, the stochastic is in the overbought region above the 60% range. This indicates that price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Bitcoin Hash Rate Reaches All-Time High Showing Futuristic Support For The Digital Currency

Bitcoin Hash Rate Reaches All-Time High Showing Futuristic Support For The Digital Currency
  • Bitcoin’s hash rate has reached an all-time high after doubling its TH/s from December 2018
  • Bitcoin’s network is the most secure in the crypto market

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Bitcoin’s (BTC) hash rate has reached an all-time high after an incredible bull run to $13,750 registered a few days ago. The network continues to expand showing that there is large support from the cryptocurrency market. Since December 2018, Bitcoin’s hash rate has more than doubled.

Bitcoin Hash Rate Skyrockets

The hash rate of the Bitcoin network is reaching new highs after a very positive year. Since December, the hash rate grew 113% and it is currently close to 69 million TH/s.

This number is massive when compared to other digital assets such as Litecoin (LTC) or Ethereum (ETH) that currently have 434 TH/s and 174 TH/s respectively.

This makes Bitcoin the most secure network in the cryptocurrency market and a leader in the crypto space. Indeed, the virtual currency is the oldest in the market and the most accepted everywhere. According to CoinATMRadar, more than 99% of the ATMs installed around the world have Bitcoin as a default virtual currency to buy or sell (the sell option is available in some ATMs).

Although the hash rate shows how secure the network is, it does not provide information regarding price movements in the short or long term. Nonetheless, if the price of Bitcoin surges, is expected for the hash rate to follow. The same would happen if Bitcoin’s price drops, as it happened at the end of 2018.

Christopher Bendiksen, the Head of Research at CoinShare, explained:

“Like any other capital-driven industry, the delay in the upwards drag results from the time difference between making an investment decision and when the gear is actually switched on. For most players in bitcoin mining, this is on the order of months and depends on their proximity and relationships with the producers of mining gear.”

The hash rate is also related to the difficulty in the network. When the hash rate increases, the difficulty to process the transactions as well. If the hash rate increases it means that there are new miners entering the network, and this is what the Bitcoin mining difficulty shows.

Currently, Bitcoin is being traded around $10,306 and it has a market capitalization of $183 billion, as reported by CoinMarketCap.

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Author: Carl T

Genesis Global Trading Onboards Four New Execs For Expansion into Europe

Genesis Global Trading Onboards Four New Execs For Expansion into Europe

An institutional over the counter (OTC) cryptocurrency trading platform called Genesis Global Trading is set to expand into Europe. The Block Crypto has recently reported that the company hired four new executives in order to be a part of this expansion.

The company, which is also engaged in lending, has decided to hire Arianna Pretto-Sakmann (general counsel), Leon Marshall (new head of European business), Dan Torrey (head of institutional sales) and Pat DeFrancesco (Chief Technology Officer) recently.

Michael Moro, the CEO of the company, was interviewed by The Block Crypto and he affirmed that some of these people were important in order to create the strategy to move to this new market.

Pretto-Sakmann, for instance, was hired back in May. Her job was to advise the company on the best decisions to move its business to Europe and determine how to deal with the EU General Data Protection Regulation as well as some other local laws.

Her expertise in working as an attorney before being hired was important to the CEO, as she used to advise several types of financial institutions such as banks, broker-dealers and clearing houses, for instance.

While the company always had some European clients, according to Moro, it was never really dedicated to working in the region specifically since the launch of the company back in 2013. Marshal will be the one that will oversee the expansion into the new territory personally.

In fact, there is so much activity back in Asia that the company is also considering moving on there, too. According to the CEO, the retail activity in the area is pretty big and there is a lot of trading happening in Asia, so while the current focus is Europe, it is not hard to see how they could focus there soon.

Another executive, Torrey, joined the company in order to work on the lending and trading platform. He was the global head of forex e-commerce sales on Northern Trust before he started to be in this new company.

DeFrancesco will support the technology and the quantitative research of the company during the expansion. However, Moro was not very clear on what exactly the company is building at the moment, but it seems fair to say that the company is trying to create a platform that will make trading easier.

The CEO also hinted that there was some sort of streamlining process happening in the lending platform so that the users would not need to call the company or email it in order to use it.

At the moment, Genesis has 25 employees and it is expected to keep hiring people until it has 35 employees. Last year, the company had only 15, so it is obvious that Genesis is growing a lot lately and that the trend is set to continue.

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Author: Gabriel Machado

Electroneum Price Prediction Today: Daily (ETN) Value Forecast – July 1

Electroneum-Price-ETN-Coin-Continues-Its-Slide-Downard-as-Community-Members-Weigh-In
  • On June 18, the bulls were resisted and ETN market was on a downward correction to a low at Ƀ0.00000039.
  • On the upside, if the bulls break above the EMAs, the crypto’s price is likely to rise.

ETN /BTC Medium-term Trend: Bearish

  • Resistance Levels: Ƀ0.00000060, Ƀ0.00000065, Ƀ0.00000070
  • Support Levels: Ƀ0.00000045, Ƀ0.00000040, Ƀ0.00000035

Last June the price of ETN was in a bullish trend after a long period of a bearish trend. In the first two weeks of June, the crypto’s price was making a series of higher highs and higher lows. On June 17, the ETN market reached a high of Ƀ0.00000070. On June 18, the bulls were resisted and ETN market was on a downward correction to a low at Ƀ0.00000039.

The 12-day EMA and the 26-day EMA are now trending southward indicating that price is falling. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. If the bearish pressure continues, the crypto will reach the low at Ƀ0.00000035.

On the upside, if the bulls break above the EMAs, the crypto’s price is likely to rise. Meanwhile, the price of ETN is in the oversold region of the daily stochastic but below 20% range. This indicates that the price of ETN is in a bearish momentum and a sell signal.

ETN/BTC Short-term Trend: Bearish

On the 1-hour chart, the price of ETN is in a bearish trend. The 12-day EMA and the 26-day EMA are trending horizontally. On July 1, the bulls reached a high of Ƀ0.00000046. The crypto s price fell above EMAs and commence a range bound move above it.  However, the ETN price is in the oversold region of the daily stochastic but above the 20% range. This indicates the price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha