Litecoin Foundation Set To Allocate Unknown Amount Of Treasury To Celsius Network

Litecoin Foundation is set to invest its capital in another crypto lender to earn interest. According to CoinDesk, Litecoin Foundation is partnering with Celsius Network, a crypto lending firm, to become its ideal crypto wallet.

According to the partnership agreement, the Foundation is set to set aside an unknown amount of its treasury to Celsius Network whereby LTC holders are poised to earn about 10.53% per year back to their crypto holdings as well as dollar loans at about 4.95 percent annually.

According to Celsius Network CEO, Alex Mashinsky, the partnership will go a long way to validate the platform that says that it gives back almost 80 percent of the revenue generated to depositors.

The CEO hailed the deal as a great milestone for Celsius saying that this was the first time that the crypto community is identifying Celsius as major utility provider in the crypto sphere. Mashinsky said that this was a ‘huge event’.

Celsius generated $50 million during its initial coin offering that took place last year and so far the company has already completed about $2 billion in terms of loans. Additionally, the company has held about $350 million per year in terms of customer deposits and provided more than $3.5 million worth of interest.

Speaking to CoinDesk, crypto custodian company, BitGo, said that they held about $1 billion with Celsius crypto deposits in the last one year which represents more than double the amount that has been locked away in decentralized finance platforms.

Litecoin Foundation has been seeking partners in the last one year and has managed to add Miami Dolphins as a major partner and now has bagged Celsius into the partners mix.

In the last one year, Litecoin Foundation has been under intense scrutiny following the news that it was struggling to pay its employees. However, the foundation managing director and Litecoin founder, Charlie Lee has reteriated that he will continue funding the Foundation until its fully financially stable.

Lee has clarified that the partnership with Celsius was for the benefit of the investors as they will earn interest per year. The director also revealed that the Foundation has no intention of seeking out collateral based loans offered by Celsius.

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Author: Joseph Kibe

Coinbase Crypto Exchange Fills VP Role With A Former NerdWallet COO And Likedin VP; Dan Yoo

Coinbase has recently hired another new executive. This time, the person hired was Dan Yoo, who will act as the new vice president of business in the company. He is set to replace Emilie Choi, who will continue in the company, but in another area now.

Yoo worked as Chief Operating Officer (COO) at NerdWallet before now and at LinkedIn before that, so he has a pretty big resume. Now, he will be in charge of overseeing business operations, corporate development and the data team of the company.

While he worked for LinkedIn, Yoo helped to found a number of startups. One of them was RealiaQuote, which was one of the first companies ever to offer life insurance brokerage services online.

According to him, Coinbase is a company that is driven by data, so a big part of his job will be to ensure that everybody gets the right data to make the right decisions. He also told the media that he has been interested in the crypto industry as far as 2013 and that he had a Coinbase account before he decided to join the company’s team.

Now, Yoo is focused on helping his new team. He will tie together the operations at Coinbase, which is something that he already did for some other companies before now. Yoo affirmed that he hopes to use his experience to scale the team and get them to work in a more efficient manner, therefore using the resources of the company better.

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Author: Hank Klinger

Bitfinex’s ‘Sister Exchange’, Ethfinex, Rebrands Independently as DeversiFi

The crypto exchange space is set for another major rebrand following the move by Ethfinex Trustless that evolved to DeversiFi as of August 13, 2019. This will see the former sister to Bitfinex position itself as the sole high-speed decentralized coin exchange with high liquidity for crypto traders. Furthermore, traders using the new DeversiFi platform can be able to carry out trades whilst their digital currencies remain held in private wallets.

Ethfinex began its operations in Q3 of 2018 when it pioneered as a P2P platform for ERC20 based tokens. The decision to rebrand its outlook is pivotal in making the exchange competitive as it shifts to focus on settling for institutions as opposed to its previous retail clientele. Before its rebrand, Ethfinex had acquired a customer base of close to 10,000 with its footprint mainly in Europe.

According to Will Harbone, DeversiFi CEO, the change in strategy is not only a rebrand but a move to scale opportunities for growth. The CEO while speaking to The Block mentioned that among the selling points were lower fees and products regulated as per the current laws. However, the rebrand seemed to have coincided with the pressure on Bitfinex’s $850 million alleged fraud currently under investigation by New York’s AG office.

DeversiFi is set to set itself apart and compete with large exchanges by reducing execution time, narrower spreads and liquidity within its ecosystem. The Ethfinex user interface will also be altered to reflect its new brand in addition to the software features.

Nectar (NEC), the ERC20 token created for Ethfinex’s ecosystem is also undergoing an overhaul to make it well compatible with DiversiFi’s design. This is in line with the growth in needs, both regulatory and technological since it was launched back in 2017.

Harbone noted that next on the roadmap for DeversiFi would be acquiring approval within the European zone while mobilizing for development funds. The biggest challenge so far appears to be establishing DeversiFi as a sole brand given it heavily relied on Bitfinex during its early growth stages.

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Author: Lujan Odera

Palestinian Government to Possibly Demolish the Israeli Shekel and Introduce Crypto

Palestinian-Government-to-Possibly-Demolish-the-Israeli-Shekel-and-Introduce-Crypto

It has been revealed that yet another government will be considering the likes of cryptocurrencies in place of an already-established national currency. In particular, this involves the Palestinian government’s plans to possibly demolish the Israeli Shekel reports Al-Monitor.

Said news was publicly announced on Tuesday, July 9, 2019, where the Palestinian Prime Minister, Mohammad Shtayyeh noted that the reason for considering cryptocurrencies stemmed from the obstacles that arose from the use of the national currency to the Palestinian economy.

Shtayyeh appears to be keen on this decision, reiterating since Saturday, April 13, 2019, that nothing can be a hindrance of such plans. He also noted that despite the billions of shekels in circulation,

“we’re not forced to remain dependent on the shekel.”

Amidst Possible Crypto Adoption, Is It Truly Feasible?

While the news is a big move, as more and more countries consider alternatives to their national currencies, arguments have been made against executing made plans. It has been emphasized that a national cryptocurrency is not

“economically feasible.”

The news outlet has referenced an economic and social sciences professor based in Nablus, Bakr Shtayyeh, who does not think such moves are feasible for Palestine. Here are some of the concerns that have been expressed:

“If Palestine has its own currency, will it be able to prevent Israel from withholding tax clearance funds or controlling crossings and the movement of exports and imports? Will Palestine be able to conclude direct commercial deals with neighboring countries without the imported or exported goods passing through Israeli commercial ports?”

He further noted that the problem doesn’t rest in the national currency itself, but more so on the

“complex economic and political reliance on Israel.”

Israel and Palestine Relation to Prevent Crypto Adoption?

The economics professor believes that this endeavor could induce problems between Israel and Palestine. Some of which include Israel’s probable distaste for dealing with another currency and a rise in political tension. The latter alone could potentially devalue the cryptocurrency, which may defeat the main purpose behind considering its likes for economic gains.

Concerns Regarding Cyberattacks Disclosed

The professor further addressed the role of the Palestinian Authority (PA) needs to assume. In particular, he shared that an assessment needs to be done on the cryptocurrency to ensure that it can maintain a stable value.

With this being said, another area with concerns involves that of hacks and damages that could be achieved by Israel if political tension rises. That is,

“Is the PA capable of repelling cyberattacks and cyberpiracy that Israel could launch against the Palestinian cryptocurrency, especially since Israel is advanced in the field of software development?”

On the whole, Bakr Shtayyeh doesn’t think to issue cryptocurrencies as being impossible, but rather believes that there will be a lot of difficulties in making it happen. On the whole, Palestine needs to be considered with respect to the role it plays as a “consumer country” along with what the decision means for the national currency and economy.

As for the overall nature of the cryptocurrency, the Prime Minister supposedly did not share any specs. However, news outlet AA quoted him stating the following (closest possible translation):

“We are working to transform e-government into a reality that citizens feel,”

adding that more work needs to be done in,

“the preservation of information in official institutions,”

given that,

“the infiltration of information is part of the Israeli war on the Palestinian Authority.”

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Author: Nirmala Velupillai

Brazilian State Of Bahia Launches Online Bid Solution (SOL) Blockchain To Track Govt. Contract Bids

The-Brazilian-State-Of-Bahia-Launches-Blockchain-Platform-To-Track-Government-Contract-Bids

Brazil has been embracing Blockchain technology recently and has taken another step in that direction. They have launched Online Bid Solution (SOL) which is a blockchain based platform to track the process of public bidding on government contracts.

The system was developed by a firm named Cayenne Technology and Design, and the application uses the technology blockchain, to save the information on the purchases, with code available for other states to use it. All bidding data becomes available and stored in a digital environment, making the process secure and transparent.

The government of Bahia that the primary target is the country’s agricultural sector. Presumably, the plan is to make sure every part of the industry is connected via a streamlined platform. The press release states:

“The application, already available in the Play Store and the Apple Store, will be used by about 1,100 agricultural associations and cooperatives in the states of Bahia and the Rio Grande do Norte, under the Bahia Productive and Governo Cidadão, financed through a loan agreement between the state governments and the World Bank.”

This is the second big blockchain news coming out of Brazil in the past few days. Earlier Bitcoin Exchange Guide had reported that the coffee industry in Brazil is embracing the new technologies as Minasul, one of the leading cooperatives for coffee farmers adopts blockchain technology and announces the launch of a digital coin in the next month. The digital coin is expected to be fully backed by the coffee produce and will be traded on a decentralized marketplace for goods related to coffee production.

[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: Sritanshu Sinha

Binance Coin (BNB) Finds Inclusion on KuCoin Exchange as Trading Platform Supports Binance Chain

Binance Coin (BNB) Finds Inclusion on KuCoin Exchange as Trading Platform Supports Binance Chain

Another crypto exchange has listed the hottest asset of 2019 so far: Binance Coin (BNB). The crypto exchange KuCoin recently affirmed that it was listing the token on the following trading pairs: BNB/BTC (Bitcoin) and BNB/USDT (Tether). The announcement was made on Twitter.

You can already deposit your money in order to start trading at 16:00 UTC+8 today. Trading is set to begin at 18:00 UTC+8 today.

Binance Talked About New Listing

The CEO of Binance, Changpeng Zhao, affirmed that KuCoin made a really smart move by starting to support the token. According to him, this could bring many benefits to the exchange and will help KuCoin to grow.

He also affirmed that now the KuCoin users will have access to some of the projects on the Binance Launchpad now and that some of the traders that are not serviced by Binance at the moment will be able to use the exchange in order to trade tokens.

While this seems somewhat arrogant, the truth is that Binance Coin was the token that grew the most in price this year, growing more than even something such as Bitcoin.

In the thread of the announcement post, some users asked whether KuCoin would also list Binance in return or if the company would not do it. The answer was simple: if KuCoin migrated to the Binance Chain, then the token would probably be listed. Otherwise, the chances were not looking so good.

Binance Continues Its International Expansion

This is another important key move for the expansion of Binance, which is getting some important ground lately. The company is expanding its services and catering to more users these days than it used to do before.

Another important step for the company is to set up a U. S. branch that can be compliant with the local legislation. In order to do it, the company is, unfortunately, planning to ban U. S. users from using its services. From September onwards, people based in the country will not be able to trade anymore, as the company will operate legally in the country.

This brings major positive and negative aspects to local users as they will be required to pass harsher whitelisting processes in order to be accepted.

Binance is also said to be preparing to launch some stablecoins. One of them is set to be pegged to the Great Britain Pound (GBP).

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Author: Gabriel Machado