A well-known blockchain forensics company called CipherTrace has recently started launched CipherTrace Scout, a new mobile app that can be used to flag BTC and ETH tokens that were involved in criminal transactions.
The main goal of the new app is to give investors more freedom while they are tracking cryptos. Most crypto tracking software until now were not mobile, so street-level investigators would need an office to use them. With the help of this app, however, they can do it while working in the field.
CipherTrace Scout will have several tools that can be used for investigation. The main tool is a feature that lets the investigator flag tokens that were used illegally. After flagging them, they can be tracked and seen. This can help to see clearly who is using the money for illegal activities.
Julio Barragan, an analyst at CipherTrace, affirmed that the reports are generated instantly and that they are pretty accurate. This, experts affirm, can have immediate uses in police work.
This is, however, not really such a new product. Investigators in countries such as the U. S. are already using crypto software to track criminals for a long time. The difference is that the services tended to be harder to use before and now companies are starting to perceive that they need to improve the usability of these products to make them more useful.
CipherTrace Scout is a product that is adapting to current trends. It can be used to understand how cryptos are used on the street level. Cases of small drug sales, child pornography and others can be traced more easily with its help. Cryptos are getting very easy to acquire, so more people are obviously going to use it, and this means that it will be used in crimes as well.
Author: Daniel W
The situation of Ripple in court continues to be complicated. The company has recently decided to file a motion to dismiss against a lawsuit that claims that Ripple has violated the U. S. securities law with the sale of its XRP tokens.
Ripple’s attorneys have decided to attack the idea that the plaintiff Bradley Sostack does not actually have the standing to file a formal complaint against the company. This decision was taken because it was easier to follow this route than to address the claims that XRP tokens were actually securities, something that Ripple is failing to disprove in court in the last few years.
The reason to go after the plaintiff is that he failed to bring the case to the law within three years. The statute of repose explicit that there is a period of three years after the Initial Coin Offering (ICO) in which people can complain. If they don’t, they may not be allowed to do it anymore.
Critics have noted that any defense that XRP is not a security is absent from the debate. There is only one mention in the process, which affirms that the token is not a security because it has no investment contract. Therefore, purchasing it is not investing in Ripple, just buying a decentralized asset.
It is also affirmed that XRP is a “convertible virtual currency” and not a commodity, despite what the plaintiff is claiming. Now, the court will hear the motion to dismiss before moving the case forward.
Author: Gabriel Machado
Jack Dorsey’s Square Crypto is on its way to create its “dream team”. The company, which is a crypto-focused subsidiary of Square, a payment app created by Jack Dorsey, who also founded Twitter, just announced that it would hire three new developers. The open-source project has hired Arik Sosman, Valentine Wallace and Jeffrey Czyz.
Arik Sosman was an engineer who worked at Facebook and BitGo. During his time on Facebook, he was a part of Calibra, the subsidiary that was in charge of the creation of the Libra project. Sosman told the crypto media that he is very interested in both privacy and layer 2 solutions.
He also affirmed that he is curious to see what work the team will do and that he was excited to contribute to such an important project that has the potential to change the crypto world for the better.
Valentine Wallace comes from Lightning Labs, a company that is focused on developing solutions for the Lightning Network, a second layer solution to scale the Bitcoin network. Jeffrey Czyz, on the other hand, comes from the giant Google.
The duo was hired to grow the developer base of the team, the company affirmed. The team will be led by Steve Lee, who was a former product director at Google. At the moment, the team is still hiring, however. Square Crypto is currently looking for a designer to join the team.
Now, the only information left to be divulged will be what kind of project will be the first attempt of the group.
Author: Hank Klinger
The crypto mining company Argo Blockchain recently installed 1,000 mining machines on its Bitcoin mining facilities. According to reports, these new machines will take the current number of miners up to 6,000. It was also revealed that the company is already planning to buy 6,000 more miners in the next two quarters.
Argo Blockchain is a publicly-traded company and it has stocks available on the London Stock Exchange. The company’s stock has grown 192% in price since May. At the moment, it is being traded at around $11.85 USD per share while the price was around $4.05 USD per share at the beginning of May.
According to the reports, the company is set to increase its electricity supply as well to power the new machines which are being acquired. If the company succeeds in it’s plans to have a total of 15,000 mining machines, it will become the largest mining company in the world with a total hash rate of 1,360 Peta hashes.
Bitcoin mining has been quite a profitable activity lately. While many miners had to shut down their business in 2018, most of them are back in the game this year. In fact, the global hash rate keeps going up. This means that the difficulty of mining increases as well and that the miners have to buy more rigs.
Fortunately, it also has a correlation with prices. The more people there are mining BTC, the higher the price of the asset tends to be.
Author: Gabriel Machado
Ripple is growing very rapidly in the last few years. The company has been convincing several companies to enter its RippleNet and many of these enterprises have been successful so far. InstaReM, one of the members of RippleNet, is proof that these firms are growing.
InstaReM was recently reported to have started its expansion into Canadian territory and strengthen its position in North America. InstaReM will also be connecting Canada to over 60 markets, including the U. K. and the U. S., the two most important markets for InstaReM.
As Canada was considered an important remittance country, it was one of the first regions that were considered when the company chose to expand. Now, the clients of the company in the country will be able to use the low-fee solutions of the company, which are powered by the RippleNet.
The co-founder and CEO of InstaReM, Prajit Nanu, affirmed that his firm is committed to giving the customers a platform in which they will be able to send their money all over the world, as InstaReM has corridors that range from the Asia-Pacific region to the European Union and North America.
He affirmed that the company’s main goal is to give solutions that can be cheaper and faster than other cross-border transfer services. The services, which use zero-margin FX rates, charge only a small nominal fee to transfer the money. By using RippleNet, they can offer something that is much more efficient than SWIFT, the current top player in this area.
Author: Gabriel Machado
The North America COO of Barrick Gold, known as the largest gold mining company in the whole world, recently talked about whether the crypto industry can be considered a threat to the gold industry or not.
According to Catherine Raw, crypto’s are simply not competitive with gold. She affirmed this at the Most Powerful Women International Summit, which was organized by Forbes. Raw claimed that gold has a very tangible nature and that it will always have value.
Bitcoin, however, can have zero value if people don’t believe that it is a worthy asset, so gold always takes the lead in these cases.
She also claimed that gold has real uses. People can use it both in jewelry or in the electronics industry, meaning that it will have some value left even if people stop believing in its power as a store of value. Raw did admit, however, that crypto’s are here to stay and that they may not be completely forgotten anytime soon.
One issue that Raw did acknowledge was that the gold industry did not have many young investors. According to her, it is important to win back these younger investors between 20 and 40 years, as they are more interested in other assets at the moment. She also tried to dispel the notion that only “old people” still buy gold, as countries such as India and China are buying a lot of it.
Raw’s ambition is to get these new investors over time, as she believes that the gold industry has “its head in the sand” because it is simply ignoring such a big demographic in the industry.
Author: James W
Tata Motors, an Indian car company, has recently shown some interest in integrating blockchain-based solutions to its cars as part of a new program. According to Business Insider India, the company has just started the Tata Motors AutoMobility Collaboration Network 2.0.
This new program is intended to help the company to develop products related to the industry using solutions based on emerging technology such as artificial intelligence, machine learning and blockchain.
These solutions will be used in several aspects of the industry such as in monitoring the vehicles in real-time, creating a parking marketplace and using algorithms to predict demand more accurately.
Shailesh Chandra, the president of corporate strategy at the company, affirmed that every segment of the industry is currently required to innovate. She believes that we live in an age of quick changes, so the companies need to be prepared to always find the right solutions via in-house initiatives or external partners.
Blockchain and The Car Industry
Blockchain technology is being used all over the world, so it is no surprise that the automotive industry is adopting it as well. According to recent reports, the global blockchain market is set to grow 42.5% per year.
Several companies are already starting initiatives similar to Tata Motors’ one. PlatOn, for instance, created a platform that stores the data of the market and calculates the price of used cars.
Volvo Cars have recently created electric cars which were mapped in the blockchain to prove that they were environmentally-friendly and did not use any kind of child labor.
Author: Hank Klinger
Binance is ready to take its Binance Lending Service to the next level. The company, which launched its program back on August 28, is set to make a huge upgrade this week.
Users will be able to start profiting from lending three major altcoins: Dash (DASH), and the two top privacy coins Zcash (ZEC) and Monero (XMR).
In a similar way to how it was done in the first phase of the program, all products will have a 14-day lending period and an annualized interest rate of 3.5%.
The total subscription cap and individual cap of each investment are as follows:
- Monero (XMR): total cap of 30,000 XMR tokens and individual cap of 300 XMR.
- Zcash (ZEC): total cap of 60,000 ZEC tokens and individual cap of 600 ZEC.
- DASH: total cap of 30,000 DASH and individual cap of 300 DASH.
The annualized rates are significantly lower than the ones that Binance Coin (BNB) had during the launch of the services. At the time, the numbers ranged from 15% to 6%. Bitcoin, however, was launched with a 3% interest rate.
In related news, CEO Changpeng Zhao recently stated that no hacker had attacked the futures platform of the company, and rumors of a potential hack on the platform needed to be put to rest once and for all.
Author: Gabriel Machado
A blockchain company called Harbor has recently been working to help other firms to issue security tokens using the blockchain technology. The company has just announced that $100 million USD worth of real estate assets was tokenized and put on the Ethereum blockchain.
This move had the goal of making the securities easier to be traded in the market. At the moment, 1,100 investors hold this money and they wanted to find easier ways to trade these assets freely. This latest tokenization effort was part of a partnership with DRW Holdings’ real estate arm.
According to the CEO of iCap, Chris Christensen, the company was trying to provide a much more liquid experience for its customers for a long time and it was with the help of Harbor that they did it. The CEO of Harbor, Josh Stein, affirmed that the tokens are all backed by real assets and that they are not based solely on promises.
He also added that there was not really a demand for security tokens as investments some time ago. People were not after real investments, they wanted to speculate on a growing market, which was happened in 2017 and why so many tokens failed to deliver.
The funds which are tokenized by the company are often frozen for some time as they are considered to be high-yield investments. This means that people cannot sell them right away, which helps to curb speculation.
Now, there is a growing market for this industry. The company is focused on increasing the access of the companies that already have some interest in these ideas, which will make the market grow even more in the future.
Author: Gabriel Machado
The crypto initiative of payment company Square, Square crypto recently announced that they are allocating $100,000 on grants to the BTCPay Foundation.
Square integrated bitcoin in 2018, when its Cash App began selling the cryptocurrency to users. This service generated over $190 million in revenue over the first two quarters of this year, yielding shy of $3 million in gross profit. Dorsey said Square’s exposure to various payment methods could help the company “weather storms,” referring to economic downturns.
The announcement for the news said:
“BTCPay represents everything we love about open-source bitcoin projects. It exemplifies the ideals of our community and promotes adoption by letting merchants accept bitcoin, control their private keys, and self-validate their coins. It also creates powerful real-world applications for bitcoin without sacrificing user experience or requiring trusted third parties.”
In an earlier interview, Dorsey had said:
“In the long term it will help us be more and more like an internet company where we can launch a product … and the whole world can use it, instead of having to go from market to market, to bank to bank to bank and from regulatory body to the regulatory body.”
Square’s Cash App is reportedly testing a free stock trading service. In a recent interview, Dorsey revealed that the company was hiring five open-source engineers to work entirely on making the crypto ecosystem better.
Steve Lee, Square Crypto’s project manager had earlier said in an interview:
“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”
Author: Sritanshu Sinha