Radpay Decentralized Blockchain Payment Firm Secures Over $1 Million

A startup company focused on decentralized global payments called Radpay was recently been able to raise $1.2 million USD in its latest seed round. According to the payment firm, the round was a success and the valuation of the firm is now floating around $10.2 million USD. This was the first time that Radpay has ever received outside funds.

The two main investors of the round were BlockLaunch and Resiliency Ventures, but investors from Silicon Valley, Arizona and Nebraska were also present in the round.

Radpay was originally created back in July 2018 as a way to innovate in the payment industry. The project is set to be a merchant payment solution that combines the blockchain technology with PCI-compliant card payment structures.

Right now, Redpay is already working together with merchants from retail and e-commerce, call centers, app developers and other specialists in the industry.

Dana Love, the CEO of Radpay, talked about the development of the firm and the latest seed round. Love affirmed that Radpay was created to accept charge cards without crippling merchants with abusive fees and to protect customers from crippling debt at the same time. This way, both sides would win.

He also stated that since the company was founded, it was able to push innovation forward on behalf of the e-commerce industry. With the capital from the seed round, Radpay will be able to start even more partnerships and to upgrade the quality of the services that are currently being offered.

Read Original/a>
Author: Gabriel Machado

Fundstrat Tom Lee: Current Bitcoin Market too Small to Keep Up with ETF Market Demand

Cryptocurrency and especially Bitcoin investors have long been arguing in favor of an exchange-traded fund (ETF) from the regulators, but up until now, not a single application (the last rejection being that of Bitwise) has been approved by the United States Security and Exchange Commission (SEC). These investors believe that an ETF would lead to a large inflow of capital into the market and give it a much wider outreach.

But, looking at the rejections of the applications by the SEC it does not look like regulators believe its the right time for the cryptocurrency market to have its own fund.

Recently, Thomas Lee of Fundstrat Global Advisors came up with his reasoning behind why the crypto market does not need an ETF at present. Lee said that the cryptocurrency market is not big enough to handle the demand for ETF. He said the present cryptocurrency market needs to be 18 times its current value to handle the ETF demand. Lee said,

“If you’re involved in crypto, the SEC can look like an obstacle,” 

“They’re establishing protections for individuals and right now it’s not convenient for the industry, but if the SEC is someone that people trust to protect them, that’s how you get the mainstream willing to get involved in crypto. Institutions aren’t going to touch crypto if they think the SEC isn’t doing a good job,”

As per a report in Bloomberg, Lee claimed that only when Bitcoin reaches a value of $150,000 to cope up with the daily demand of an ETF. Lee’s comments came during the Blockshow conference in Singapore.

The SEC’s Concern

Bitwise was the latest exchange whose application for a Bitcoin Exchange Traded Fund was pending before the SEC which like every other previous application was rejected as well. However SEC like before responded with an 112-page reply on why the application was rejected. SEC’s main concern lies towards market manipulation which they believed would be a concern given the small liquidity of the market.

Many analysts claimed that the rejection was a clear sign that the crypto market is still years away from getting an ETF. Todd Rosenbluth, Director of Mutual & Exchange Traded Fund Research of CFRA explained that the ETF is not the issue, it’s the value of the underlying asset. He said,

“It’s not the wrapper, it’s not the ETF product that’s the concern, it’s the underlying asset that the SEC is worried about from a fraud standpoint. They don’t want to pull off that band-aid too quickly.”

Lee was right to point out that Bitcoin needs to have much higher liquidity almost 18 times its present value and trade at a value of around $150,000 to attain the level of liquidity required to meet the demands for an ETF. However, looking at the present price which is hovering around the $9,000 mark and it’s all-time high of near $20k it would be highly speculative to think about a $100,0000+ trading value.

However, crypto trader and analyst PlanB who has been in the limelight recently for his stock-to-flow chart believe looking at the scarcity factor, the $100,000 price point is achievable.

Bitcoin is only behind gold in terms of stock-to-flow value and the chart predicts that the next bull run could start after the block reward halving scheduled in the first quarter of 2020.

Read Original/a>
Author: Rebecca Asseh

Blockchain Tech In China Is Booming, Even With Only 52% Of Top 50 Internet Companies in Support

As the blockchain technology continues to grow and expand in different industries, it has been received warmly in most of the sectors. In China alone, 26 of the leading 50 internet companies, about 52%, have ventured into the blockchain tech. These Chinese giant internet companies are helping in the promotion of its application and development. Only two of the top 10 internet companies have not embraced blockchain technology; ByteDance and Meituan.

Chinese leading internet companies like Tencent, Alibaba, and Huawei are related to blockchain technology in one way or another. Huawei and Tencent support blockchain coinless consortium, which currently targets hyperledger fabric while on the other hand, Alibaba invested in a blockchain project QEDIT through its firm Ant Financial.

About sixteen internet companies are taking part in the application of the blockchain tech, 6 in the research field and ecological services, 6 companies in the development of the infrastructure, and 13 companies participating in the development of the technology.

Progressive tech development and technical strength are requisite for the development of blockchain technology. Internet companies such as Xunlei have outstanding technical strength and can put that into better use in the development of the blockchain infrastructure.

Weibo, which is a blockchain-oriented social media platform in China, has been drawing much attention from the cryptocurrency industry over the past couple of months. Weibo, also referred to as lvzhou, to mean “oasis,” is the Chinese “Twitter.” Back in October 2018, the state’s media house People’s Daily Online launched a blockchain-based channel that focuses on providing information on the blockchain technology.

Social media, crypto mining, and games are the mainstream industries targeted for blockchain applications. However, internet companies in China also cover other fields such as medicine, public welfare, and traceability.

Most of the top high-tech Chinese companies are launching their blockchain-as-a-service solution. Going by the trend, blockchain is becoming compulsory for Chinese internet enterprises by default as many of these companies and entering into the blockchain industry.

Read Original/a>
Author: Denis Miriti

Luxury New York Condo in Manhattan Gets Sold in Bitcoin Worth $15.3 Million

A retail condo in the Upper East Side has been sold by Ben Shaoul for $15.3 million in Bitcoin. The 11,400-square-foot living space was owned by the landlord’s firm Magnum Real Estate Group. The company is converting rentals in the 389 Easy 89th Street into condos. It all happened earlier this month, with the buyer being the Taiwanese entity Affluent Silver International LLC.

The Transaction Was Completed in Bitpay and Starr

The two parties of the selling agreement have used Bitpay and Starr in order to complete the transaction. The Jet Real Estate broker Eric Hedvat, who was a representative for Magnum, said that the process was “seamless”, while Shaoul refused to make any comments.

Magnum Has Used Bitcoin for Transactions Before

It’s not the first time that Magnum has gone into a contract with buyers and used Bitcoin transfers. Last year, they sold a 624-square foot space for $875,000 in Bitcoin and a 989-square-foot unit priced at $1.48 million. Shaoul previously said he would accept Bitcoin payments for his 62 Avenue B residential spaces in Alphabet City, but he ended up selling the unfinished building to Martin Shapiro for $82 million last year.

Digital Currencies Not Yet Widely Accepted in Real Estate

Since digital currencies and Bitcoin are continuing to have their value fluctuate, and they’re not accepted by many Real Estate sellers. Only over the last year, Bitcoin has had its value ranging from just above $3,000 to $12,000. However, New York sellers are starting to use it more and more. For example, the Brooklyn rental management company ManageCo has announced last year that it accepts cryptocurrency as payment.

Digital money is starting to be welcomed for the priciest listings, like the 10 East 76th Street on the Upper East Side, for which Corcoran is marketing a $29 million mansion and states that the seller accepts Bitcoin, Ripple or Ethereum as payment. A mansion that Sotheby’s is marketing at 40 Riverside Drive is priced at $13 million, with the seller accepting Bitcoin. Since New York’s Real Estate market is already embracing digital currencies, it can be expected others to do it too.

Read Original/a>
Author: Hank Klinger

Chinese Police Hold MicroBT Crypto Mining Maker’s CEO Over IP Infringement Allegations

Zuoxing Yang, known as the CEO and founder of MicroBT, a BTC miner maker based in China, has been detained and held by the local police. According to reports from local media outlets, the investigation is regarding the infringement of intellectual property by the firm.

Local media outlet BlockBeats cited an inside source who claims that MicroBT is being accused of infringing the copyright of Bitmain. Before founding his own company, Yang worked at Bitmain as a processor design director. He was partly responsible for creating two popular mining models there, the Antminer S7 and S9.

Yang was allegedly unhappy with the economy and eventually decided to leave. He was able to raise $20 million USD to create his own firm. He was first sued for infringement of patent back in 2017, but it was successfully appealed at the time and remained free of any trouble. It does not seem this will be the case again.

Another source cited by the media outlet affirmed that it was still unclear why the police decided to act after so much time, but this could have something to do with Jihan Wu, the CEO Of Bitmain.

Wu came back to Bitmain a few weeks ago and has been working a lot in its direction, so there is a chance that he could be involved in what is happening right now. He decided to come back after the other co-founder, Micree Zhan, was removed from the leadership of the company.

Read Original/a>
Author: Gabriel Machado

Digital Currency Project Report by Thailand and Hong Kong Is Due to Release in Q1 2020

  • Thailand and Hong Kong have both been researching the potential use of digital currency by their central banks.
  • Senior executive director Edmond Lau of HKMA stated that there presently isn’t a need to issue digital currency for retail use.

Digital currency has been a topic of interest since the industry began, but the concept of implementing national versions of these currencies is becoming more and more appealing. Hong Kong and Thailand have expressed interest in establishing their own digital currency as well, controlled by their central banks. According to reports from The Block, we can expect a combined report from the two countries within the first 3 months of 2020.

The news was announced just this week by the Hong Kong Monetary Authority (HKMA), according to a local media outlet called EJ Insight. This was set up between the two giants in May 2019, allowing them to collectively research the risks and also the benefits of starting their own central bank digital currencies. Previously, the central banks had separately been researching CBDC’s through the LionRock and Inthanon projects.

By joining forces, the banks have been able to research the use of payment-versus-payment (PvP) settlement among the Hong Kong and Thailand banks, using a wholesale CBDC. The EJ Insight report stated that the HKMA has collaborated with the People’s Bank of China in several projects, using their digital currency research institute.

A senior CEO at HKMA, Edmond Lau, noted that the goal of the central bank is to concentrate more on the governmental side, and that there doesn’t appear to be a need for the issuance of this currency for retail users. As The Block summarizes, it also appears that the HKMA is going to use digital currency for their domestic interbank payments, wholesale-level corporate payments, and also securities settlement.

The Inthanon project has been an effort of the BoT since late summer of last year, while the HKMA has continued working on LionRock for the past 2 years.

Read Original/a>
Author: Krystle M

New Blockchain Alliance By Chinese Authorities Aims to Improve Trade Finance

  • China is almost ready to release their national digital currency, which has been in development for five years.
  • Chinese President Jinping has voiced public support for the progress of blockchain technology.

Blockchain technology is continually finding itself in different use cases, and the municipal Shanghai government is setting out to improve the use of this fintech for global trade. The collaboration is between the authorities and financial institutions, establishing an alliance that will improve the operations for trade finance. According to reports by The Block and Global Times, the members of the alliance presently include (but are not limited to) the Shanghai Municipal Commission of Commerce, Shanghai Customs, the People’s Bank of China, and the Bank of Communications.

Ye Jian, a general administration official at Shanghai Customs, stated,

“This is the first blockchain application project in customs. China upholds multilateral trade and constantly improves its business environment by seeking technological innovation.”

There are already multiple free trade zones in China that have applied blockchain technology, allowing them to reduce the cost and speed of operations, while offering digital trading options.

In China, blockchain has been a popular technology, especially considering the public support from President Xi Jinping for it. Jinping stated China should be taking on a leading position in its ongoing development. Following five years of ongoing research and development, China is almost prepared to launch their own government-based digital currency.

As far as blockchain technology, Qi Hong of the China Construction Bank Shanghai branch says that the tech is still in an early phase of experimentation.

He added,

“We now use blockchain in sporadic financial products instead of the whole finance industry chain, and the public doesn’t have a sound understanding of the technology when it comes to financing. But I think the government’s call for blockchain construction will help push the technology’s application in a more comprehensive way.”

Yesterday, Hong Kong established a partnership with mainland China for a blockchain project that will help with trade finance operations.

Read Original/a>
Author: Krystle M

Latest Ripple XRP Securities Lawsuit Updates: A Decision Must Be Made

  • Ripple has been the subject of many lawsuits through the last few years.
  • Multiple lawyers believe that the only minor victory for Ripple would be if the case were to be dismissed, though it will likely face other lawsuits.

Today, on November 4th, the next stage of the long-running Ripple lawsuit will be taking place, though that stage has seemingly yet to be decided. Bradley Sostack, the plaintiff, can file a response to a motion to dismiss by the end of the day, which was originally initiated on September 20th. If it isn’t fully dismissed, then the case might move into discovery, as it would be newly categorized as a class action lawsuit.

The big question that seems to be on the table during this case is if XRP should be registered as a security under US law, which is what Sostack is claiming. If so, then the Ripple-based token might end up being at risk of enforcement action by the regulators in the US. However, regardless of the ending of this case, legal experts don’t believe that there will be a resolve on the matter.

Rebecca Rettig, a partner with FisherBroyles, commented,

“No one’s finding out whether XRP is a security anytime soon, if ever, at least through this proceeding.”

There are plenty of reasons that this type of decision won’t be made. For instance, the last motion made by Ripple argued that the complaint by Sostack took too long to file, and that the case doesn’t actually show that the plaintiff had purchased XRP from Ripple or even the initial sale. To win the case, Ripple probably won’t even need to address the question.

A partner with Anderson Kill, Stephen Palley, pointed out that “a solid motion” was created by the defense team.

He added,

“The defense lawyers have done a good job so far. They’ve shown some good tactical skills, they could win but even if they do there are a lot of other things that could happen.”

According to CoinDesk, there’s been no response from the general counsel of Ripple.

Rather than being initiated as an argument, the motion from Ripple to dismiss was more about the question being posed in the first place. Paul Godfrey, an attorney that is based in Florida, stated that the platform created “both a statement and a legal conclusion in its introduction.” He added that the introduction pointed out that “the crux of [plaintiffs’] claims is the false assertion that XRP is not a currency, but rather a security.”

Godfrey, who doesn’t practice securities law and has never litigated in the federal courts, believes that the discussion over XRP’s status (or lack thereof) as a security is more of a legal conclusion, which Ripple makes but doesn’t argue.

Godfrey stated,

“Ripple does not advance any argument to prove such a denial… Accordingly, it is addressed, but not argued.”

Rettig believes that pushing back against the idea of XRP is a security could be considered “too risky,” and a major analysis of the facts would be essential to making the argument in court. Ripple avoided this type of fight with “straightforward legal defenses,” as Rettig sees it.

She remarked,

“If you have independent grounds or a dismissal, [and] you don’t have to get into a fact-intensive analysis, why do it?”

Furthermore, in claiming that XRP is not a security, adding that it is instead a currency, Ripple could face holes in the argument.

Palley points out an interesting conundrum, stating that securities law may still allow something to be considered a security or investment contract, as well as a currency, simultaneously.

He stated,

“Basically, just because it’s one thing doesn’t mean it can’t be another. It can be a security for one purpose, and currency for another. The application of one framework doesn’t exclude another.”

He brought up the current legal battle involving Kik Interactive and the SEC, during which time that the former stated that their kin cryptocurrency cannot be a security because it is a currency. The SEC has since disagreed.

The “statute of repose” argument used by Ripple is interesting to Rettig, who noted that the argument has been brought up in other cases. This period of time covers the period after a sale that allows parties to file a lawsuit in response to an alleged wrongdoing. The “statute of limitations” is different, as it starts upon learning of the misconduct, according to law professor Peter Henning that wrote about these circumstances in the New York Times.

Rettig elaborated, stating,

“The statute of repose argument … was used successfully a number of times in cases bringing Securities Act claims relating to mortgage-backed securities six or seven years ago, which provides precedent the defendants could rely on.”

Rettig explained that the first filing of the amended complaint by the plaintiff involved,

“a lot of discussion about how novel and interesting it was that plaintiff cited extensively to websites, to social media and the like.”

He added that the “interesting” approach made the complained “robust.”

Ripple used this maneuver to their its advantage, bringing in their own facts.

However, Rettig commented,

“Usually defendants can only use the facts alleged in the complaint itself or the facts incorporated by reference in a complaint in defending against claims on a motion to dismiss. Here, however, defendants were able to use all of the facts in the documents, websites and social media posts to which the complaint cites in rebutting plaintiff’s claims.”

Ripple brought in information sourced from a wiki page to support their argument, though Rettig commented that other details on that same page were used by the plaintiff to support his argument.

Godfrey remarked,

“By showing no relief was available for count 1, Ripple was able to demonstrate there was a failure to state a cause of action for count 2.”

Now, in the filing expected to be today, the plaintiff has a few ways available that could ultimately push the case along. Rettig believes that the plaintiff may try to “relate back” to the first case that was filed, which stated that Ripple was in violation of securities laws. This wouldn’t be a new accusation, considering that Ripple has been facing lawsuits since May last year that alleged that XRP was being sold as an unregistered security. However, it still may not be enough to win, since Ripple already argued against it.

Rettig explained,

“Plaintiff also relies on a ‘continuing sale’ theory and they may apply that argument to the statutory requirement that the statute of repose runs from the date the security was ‘first bona fide offered to the public.”

Godfrey remarked that the discovery process that eventually is implemented could help with the verification of the XRP purchase from Ripple by the plaintiffs.

He stated,

“If I were Plaintiff’s attorneys … I would focus on the fact that while the inference could not be maintained in the past, with present technology and some well-aimed discovery, it would be quite easy to determine whether or not XRP was purchased by Plaintiffs from Defendants.”

Even if Ripple manages to come out victorious, Palley believes that the platform will continue to be faced with new lawsuits.While other cryptocurrency companies tend to be difficult to sue with their lack of liquidity, Ripple doesn’t have the same problem.

Palley pointed out,

“[With] ICO class action litigation from an economics perspective, you have to ask … how much money can you recover? Ripple, you have a solid [chance] of money.”

Palley added that winning now isn’t a win overall, and that the case being dismissed would mean more of a victory for the platform.

Tobacco companies often face a similar problem, as they would have to win every single case. The loss of just one case opens the door for other parties to use it towards their own victorious lawsuits.

Palley added,

“It’s not like winning this case means that nobody else can sue them for securities violations.”

At the same time, it doesn’t mean that Ripple can be faced exclusively with losses; it only means that parties have the ability to file lawsuits.

Until the case has some level of movement today, blockchain industry lawyers await the outcome of the Sostack versus Ripple case. Rettig remarked, “It’s not going to end for a long time.”

Read Original/a>
Author: Krystle M

Echoes Trader: Automated Cryptocurrency Trading Bot and Center?

What Is Echoes Trader?

Have you always been intrigued by crypto trading? If you are an investor or crypto bot developer, you will be happy to note that the Echoes Trader is here to make your dreams come true. The marketplace seeks to provide investors with unlimited automated cryptocurrency trading bots. Currently, it consists of various bots all designed to meet the unique needs of its customers.

How Echoes Trader Automated Cryptocurrency Trading Bot Works

Investors will be able to make money from their favorite exchanges without having to manually control the trading activities. For those who prefer developing to trading, this is an opportunity for them to continue developing and post bots on the marketplace. There is no limit to the number of bots that a given developer can post.

What’s even better is the fact that developers do not need to part with anything to launch or create their bots.

Echoes Trader Features

24/7 Automated Trading

Bots can greatly simplify the crypto trading process. Automated bots have taken trading to a whole new level as they allow crypto investors to earn money even when they are at work, sleeping, or even at school.

Your chosen bots will not only buy the crypto for you, but they will also sell it on your behalf depending on the parameters you have set. Bots can trade in Ethereum, Bitcoin, and many other major cryptocurrencies.

Multiple Exchange Support

The crypto market is one that is ever-changing. As it evolves, it leads to the introduction of new exchanges. Given that each investor has a preference when it comes to the exchange to use, the team behind this invention has seen it ideal to provide support for multiple exchanges.

It’s the kind of support that ensures that your bots will go on trading regardless of the exchange/s that you are using.

Advanced Notifications

Don’t you just hate it when you cannot track your cryptocurrency trades in real-time? You no longer have to worry about this as advanced notifications and real-time alerts are activated on the platform.

Investors get to receive notifications via email, telegram, and WhatsApp on a real-time basis. All these notifications and business reports are fully automated, hence no need for your input.

Overall, Echoestrader marketplace is accessible via Telegram, Whatsup, and e-mail.

Read Original/a>
Author: Bitcoin Exchange Guide News Team

Bitfinex CTO Becomes Critical CoinGecko’s Crypto Market Analysis and Reporting Depth Values

Bitfinex, one of the largest derivative exchange has been in hot water recently due to string of controversies surrounding the exchange. Now Paolo Ardoino, CTO of Bitfinex has claimed that market analysis firm CoinGecko is under reporting its market depth value.

As per CoinGecko‘s market evaluation, the exchange’s depth value stood at $260,000 with a +/-2% fluctuation, but the CTO claimed that their real depth value is around $4 million. Adorino tweeted the same and tagged CoinGecko in his tweet which read,

“@coingecko is it possible that you’re under-reporting the +/-2% depth values for @bitfinex ?

They are reported as ~260k but actually are around 4M. Am I correct or misinterpreting how to read the info?”

It turned out CoinGecko was indeed putting out incorrect data as they responded to the tweet claiming that they were facing an issue with their API which because of which they were unable to track precise data for “precision and length of the order book.”

However the analytical firm quickly got in action and resolved the issue after which they responded to Adronio tweet saying,

“Hi Paolo, we have resolved the issue on Friday evening. Now the orderbook depth is showing correctly and it is indeed deep!”

CoinGecko is the second largest market data analytics firm in the crypto space only falling behind CoinMarketCap and thus it is one of the most widely used APIs for different platforms. A mistake of this kind can prove hazardous for the business of the platform it is putting out incorrect data for.

There has been a significant increase in the service of data analytical firms in the crypto space, as these are not just used by trading platforms and crypto enterprises but also the law agencies and government bodies.

Read Original/a>
Author: Kevin