Seed CX Has Started Testing Physically-Settled Swap Contracts With Bitcoin

Seed CX, a Bitcoin (BTC) derivatives firm, has recently decided to start the tests with its new margin swap products. According to the company’s press release, the matching platform os swapping products can already be tested by the clients via the Seed SEF platform.

The CEO of Seed CX, Edward Woodford, affirmed that this initial period of testing will be used in order to allow people to get in touch with the offerings and determine what is working or not to deliver a great product later. He affirms that the product will probably be officially launched within the next three months.

From the technological point of view, the company is ready for the launch and only requires the predicted time for testing. The only possible reason for delays can be regulators, which can be considerably more unpredictable.

Brian Liston, the president of the crypto derivatives company, affirmed that all Bitcoin of the new platform will be physically-settled and that the company is pretty excited to have such an interesting offering for investors. According to him, these are the final steps in order to get the product ready and out of the door, but some more beta testing is required first.

Seed CX Will Have Competition

Seed CX may be getting its products ready, but the company is far from being the only one to do it. Several other companies are focusing on the same niche. Blade (which was backed by Coinbase), ErisX and LedgerX are all getting ready to offer similar products.

Most of them are still getting services ready, too, so the ones to take the lead will probably get an edge on the competition.

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Author: Gabriel Machado

South Korean Firm to Fork Ripple and Develop a New ‘ChainZ’ Social Value Coin Donations Platform

  • Korean firm — SK C&C — is currently in the process of building its very own donations platform.
  • The holding company currently provides its services to a number of firms operating within domains such as IT, logistics, finance and media.

As per an all-new report released by S.Korean media outlet Cosun yesterday, local holding company SK C&C has announced its decision to create a new donations platform that will be built atop a Ripple blockchain fork.

In addition to this, it should also be pointed out that this new platform will support a stablecoin whose value is pegged to the Korean Won (using a 1:1 ratio).

As things stand, the platform in question is still in its planning phase and according to the head of SK C&C — Lee Sun-min — there are still a few regulatory/infrastructure related barriers that need to be ironed out before the service can go live. In regards to this entire development, Sun-min was quoted as saying:

“Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not solved, too […] It’s hard to build a platform ecosystem […] Not just a single company can do it. We are currently looking for a company to build a platform ecosystem.”

The platform will reportedly be called ‘ChainZ’ and it will make use of a won-pegged stablecoin called Social Value Coin (SVC) to facilitate user donations.

ChainZ will also make use of a utility token called Social Value Power (SVP) to reward its benefactors. These SVP tokens can later be redeemed at a number of local merchant outlets.

As things stand, SK C&C draws in an annual revenue of $53.8 billion.

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Author: Shiraz J

New Crypto Anonymity-Identity Wallet to be Launched by Civic and BitGo by Q4

New Crypto Anonymity-Identity Wallet to be Launched by Civic and BitGo by Q4

According to a recent press release, decentralized identity firm, Civic, and a blockchain security firm, BitGo, have announced plans to release a new wallet sometime in the last quarter of 2019.

The new “Civic Wallet” will make use of Multisignature Technology from BitGo and will also support cryptocurrency as well as identity data while ensuring compatibility with mobile gadgets.

The Civic Wallet

Developed in conjunction with Identity.com and Civic Pay, the wallet will only hold very little data from users which will be used strictly to fulfill Know Your Customer (KYC) requirements or for account recovery.

Using multisig security technology from BitGo, the wallet boasts of significant privacy and security levels as whatever information being held will only be used for the above, ensuring that BitGo has no access to it. This is to give consumers more control of their private data.

“Once they have a Civic Wallet, users are able to selectively share parts of their verified identity with third parties, for example, purchasing age-restricted products anonymously.”

The importance of this technology was also highlighted by BitGo Co-Founder and CEO, Mike Belshe. Belshe explains that it’s now easy for users to recover their accounts in the event that they lose the mobile device that holds the private key for the wallet.

The Civic Wallet has a backup protocol that can aid the user in the quick restoration of all their data and digital funds without losing anything. Belshe iterates that this was not very common before now.

At the moment, access to the Civic Wallet is somewhat controlled and can only be accessed when a person is referred by someone else in the consumer’s network or also through a pre-registration process.

The CEO and co-founder of Civic, Vinny Lingham, has said that the team is “building a new financial and identity ecosystem” also explaining that with efforts like this, more people have further seamless ways to enter the blockchain industry and with more access as well.

According to an unnamed member of the Civic team, the wallet will be launched with at least the minimum required features including support for “a handful of currencies familiar to the digital community”. Expectedly, it will also allow users to do handle crypto as usual, supporting sending, receiving and storage.

Furthermore, the team expects that the wallet will be reasonably appealing even for people who aren’t exactly versed in the crypto world. This will be ensured through its ease of use and also the fact that there will be some interesting features just like people have with their traditional financial institutions. Some of these features include account recovery – as earlier stated – and also others like privacy controls and specific daily transaction limits. This is expected to also work as a security measure in the case of a breach or outright theft.

All identities will also be verified using blockchain technology. This will be done using a feature from Identity.com, a startup which is now a part of Civic after it was acquired in July 2018 from former owners, Inflection.

Non-Crypto Blockchain Wallets

The possibility of deploying blockchain wallets for other uses has been highlighted in the auto industry by Daimler AG.

The German multinational corporation based in Stuttgart, Baden-Württemberg, has entered an official partnership with Riddle & Code – a European provider for blockchain interface solutions – for the creation of a car hardware wallet.

These blockchain car wallets will be used for many scenarios in the auto industry including sharing of secure traffic data, care-sharing, self-driving vehicles, e.t.c.

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Author: Tolu

BlackRock CEO Larry Fink Says Libra Is Not A Cryptocurrency, Wants Technology to Interchange Currencies

BlackRock-CEO-Larry-Fink-Says-Libra-Is-Not-A-Cryptocurrency-Wants-Technology-to-Interchange-Currencies

BlackRock is the largest money-management firm in the world with more than $6.5 trillion in assets under management and Larry Fink is their CEO with over a billion dollars of net worth. He appeared on CNBC recently:

Fink said many of his clients and hedge funds are taking risk off the table. However, he believes such a move is a mistake, and he advised investors to stay invested in stocks. He thinks that people are under invested in equities.

Fink indicated that there is a huge need to democratize the exchange of foreign currencies in cross-border transactions and to bring down the fees of the interchange. He showed that there is a huge problem when it comes to making cross border payments, claiming that people who are making cross border payments are paying a huge amount in fees to organizations charging from 5-10% on each transaction.

He said:

“I actually believe that the idea about libra — I don’t think we need to create a new currency, but the technology to instantaneously calibrate all the currencies. That should be done. You don’t need a libra. you have computers that can monetize and calibrate euro to dollar instantaneously for a couple of basis points.”

Fink was openly against bitcoin for a long time now. Calling out the whole asset class as illegal, he has cited three main concerns to back up his claim. The infamous unpredictable price swings, the mostly anonymous nature of the market and the unregulated playing field make him feel he has a case.

[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: Sritanshu Sinha

Bitcoin Suisse Crypto Startup in Switzerland Bids For Swiss Banking Licence

Bitcoin Suisse Crypto Startup in Switzerland Bids For Swiss Banking Licence

Crypto finance firm Bitcoin Suisse announced today that it has applied for a banking license. Bitcoin Suisse has applied for a license from the financial supervisor and is also seeking authorization to trade securities.

In a press statement, Bitcoin Suisse AG announced that it has submitted an application to the Finma (Swiss Financial Markets Supervision Authority) for a Swiss banking license according to the Swiss Banking Act Art. 1a, combined with an application for a securities dealer license, regulated under the Stock Exchange and Securities Trading Act (SESTA).

These licenses would allow Bitcoin Suisse to further expand its offering with regulated services and products, thereby strengthening its position as a key provider of crypto financial services. Bitcoin Suisse is adapting to a changing regulatory landscape, where more and more crypto assets and services fall under securities and banking law.

Bitcoin Suisse joins two other crypto-based firms, SEBA, and Sygnum in bidding for a banking license from FINMA. The three firms are focusing on the crypto-assets market, although the authorization they are seeking is no different from any other banking or securities dealer license.

The company’s head of risk management who is coordinating the license application, David Riegelnig, said the application was to help the company adapt to the rapidly changing regulatory landscape in Switzerland and enhance the company’s market. He explained:

“A securities dealer license would enable us to trade crypto tokens that have been classified as securities by the financial regulator. This would include our own crypto franc product. And we anticipate more securitized digital assets arriving in the marketplace.”

The manager indicated that a banking license would open the door to Bitcoin Suisse to offer structured products and derivatives such as swaps. It would also consider offering corporate banking services for blockchain start-ups, but says it would be selective in choosing firms.

In readiness for the license, Bitcoin Suisse has placed 45 million Swiss Franc ($45.7 million) that will soon be extended to 55 million Swiss Franc with an anonymous Swiss bank, as collateral for a default bank guarantee, securing client fiat deposits and pooled crypto deposits.

FINMA Yet To Respond

FINMA has remained tight-lipped about when – and indeed if – it will grant such licenses. Some observers believe the financial supervisor will announce several license awards together to avoid giving anyone company a competitive advantage.

Although Bitcoin Suisse is several months behind the applications of other budding banks that are starting from scratch, the company believes its six-year track record of business growth will stand it in good stead.

Riegelnig said that the firm already has working anti-money laundering control and has demonstrated prudent balance sheet management, which he believes will assist the firm to acquire the license.

Cointelegraph reports that earlier this year, Bitcoin Suisse published financial results for the first time, reporting revenues of 44m Swiss Franc ($44.4m), a net income of 25m Swiss Francand total equity of 50m Swiss Franc for 2018. The equity of Bitcoin Suisse is projected to further grow in 2019.

Currently, the Zug-based company has 95 employees based in Switzerland, Denmark, and Liechtenstein. It plans to apply for a Liechtenstein banking license in the future, having opened a branch there last year.

Will Bitcoin Suisse become the first crypto-based company to acquire a banking license in Switzerland? Let us know in the comments section.

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Author: Joseph Kibe

Shell Oil Partners With Blockchain-Based Startup LO3 To Enable Local Energy Trading via Exergy

Shell-Partners-With-A-Blockchain-Based-Startup-To-Give-Real-Power-To-The-People

The world’s fifth-largest oil and gas firm whose net worth is $262 billion has partnered with a blockchain-based firm LO3 that is located in New York, Forbes reports.

Europe’s giant oil and gas firm has pumped in an undisclosed amount of dollars in LO3 Energy whose platform Exergy monitors energy using the blockchain technology.

In the recent past, Shell has been keen on exploring the blockchain technology in its operation and this partnership marks the fourth public investment in a blockchain-based startup, Forbes said. The other three platforms that Shell has invested in are Vakt, Komgo, and Applied Blockchain.

As per the report, the gas and oil company has the leverage to turn its investment in LO3’s native tokens referred to as XRG and this will help in incentivizing the platform and there will need to access the decentralized energy grid. Initially, LO3 had planned to fund its project using an initial coin offering (ICO) using its XRG token, however, it has halted the idea until further notice.

The LO3 platform or Exergy is developed to monitor the flow of energy as it is included to a shared energy network in a locality. This will allow the residents who buy their power in the locality to be absolutely certain that it was indeed generated from a clean source windmill, a solar panel or a gerbil operating on a treadmill.

If triumphant, LO3 and its rivals in the growing “transactive energy” sector, could alter the work of the conventional electricity transmission and distribution firms such as Con Edison in the United States and Western Power Distribution in the UK from just installers of underground cables, to administrators of more coherent, distributed local energy grids.

Shell Ventures investment director Kirk Coburn explained the partnership:

“As we move into a less carbonized future, Shell aims to invest in innovative companies that will help enable the energy transition. LO3 Energy fits right in that space.”

More Partners

The partnership also brings in other players in the energy sector from around the world like Sumitomo Corporation Group based in Japan.

Although the details of the investment were not disclosed Coburn was categorical that he will be part of LO3 board as an observer and could later become a full board member if there are future investments.

Lo3 is also reportedly developing another token apart from XRG known as Anergy to enable consumers to sell data regarding their energy usage to various third party firms in the future.

Currently, although LO3’s Exergy is developed on the Ethereum blockchain there are plans to design it to integrate with the EOS blockchain.

Cointelegraph reports that LO3 is not the only one to develop a peer-to-peer energy distribution network. A few weeks ago Power Ledger, based in Australia, said it will soon release its decentralized energy distribution network in Austria’s second-largest city, Graz. just like LO3, Power Ledger also wants to optimize energy management first before eventually moving to zero-carbon energy.

Will blockchain revolutionize the energy market? Let us know in the comments section.

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Author: Joseph Kibe

HDAC Blockchain Firm Backed By Hyundai Partners With CasperLabs To Create PoS Blockchain

HDAC Blockchain Firm Backed By Hyundai Partners With CasperLabs To Create PoS Blockchain

HDAC Technology, a blockchain-focused firm that received the backing of the giant of the auto industry Hyundai, has recently announced a partnership with CasperLabs, a blockchain startup. The two companies are teaming up in order to create a customized proof of stake consensus protocol.

In case you do not know, proof of stake protocols are the ones that work in a different fashion to Bitcoin. They are decentralized and there are not miners. Instead, the users who already hold the tokens stake them in order to receive a reward for this and validating the network.

A Memorandum of Understanding (MoU) was signed by the two companies at the end of last month in order to assure the partnership. HDAC is also the issuer of the Hyundai-DAC token and part of the idea is to use this protocol in the new token. While the protocol is not finished, the tokens are going to use CBC-Casper, another PoS protocol.

At the moment, the major goal of the two companies is to create a project that is easy to scale and that can grow up without hurting the decentralization of the project. The collaboration is set to last for three years and it will include several events such as hackathons that will happen in both the U. s. and South Korea.

After the tokens are complete, they are expected to be listed at prominent exchanges such as Bittrex, Kraken, and Binance.

According to Mrinal Manohar, the CEO of ADAPtive Holdings, known as the parent company of CasperLabs, HDAC is set to be the first use case of the technology, as it does not serve any specific purpose yet.

HDAC is set out to solve very significant problems that deal with factors such as supply chains, provenance problems, and capacity utilization.

The first tests on the new blockchain are set to be made at the end of the current year, according to representatives from HDAC. According to this representative, the companies are working on a new core and the testnet is set to be ready in a few months with the help of CasperLabs.

Manohar affirmed that the old proof of work systems are going to be replaced soon and that this will bring the product to a new level.

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Author: Gabriel Machado

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

ESET Cybersecurity Researchers Discover A Virtual Crypto Mining Threat ‘LoudMiner’

ESET-Researchers-Discover-A-Virtual-Crypto-Mining-Threat

Cyber Security Researchers at ESET- a cyber security firm- have uncovered a new threat in the form of a persistent and unusual mining software, which as of now has been categorized as Malware and has been dubbed- “LoudMiner”, Cointelegraph reports.

ESET says that LoudMiner utilizes a virtualization software on Windows and QEMU on macOS — to mine crypto on a Tiny Core Linux virtual machine, and has the capacity to infect computers from different operating systems.

The miner operates within pirated applications and comes packaged with virtualization software,a Linux image and additional files.

The miner allegedly utilizes XMRig which is an open source software that is utilized in mining Monero, the privacy focused altcoin. It also uses a mining pool, therefore reportedly preventing the researchers from retracing any transactions.

The report released by the researchers indicate that for macOS as well as windows, the fraudulent miner operates within pirated apps that are shoved together with virtualization software a Linux image and additional files.

When one downloads desired software, LoudMiner is installed first but hides itself and will only be noticed after rebooting. The Linux virtual machine is launched and the mining starts.

ESET said that the miner affects apps that deal with audio production that mostly operate on computers that have high processing power, whose high CPU consumption due to crypto mining activities, will not make the users suspicious.

In addition, the fraudsters also take advantage of the fact that such complicated apps are mostly complex and enormous so as to hide their virtual machine images. The digital technologists added:

“The decision to use virtual machines instead of a leaner solution is quite remarkable and this is not something we routinely see.”

At the moment ESET had discovered three strains of the miner targeted at macOS systems, and just one for Windows thus far.

The researchers said that in order to identify a particular mining session, a file containing the IP address of the machine and the day’s date is created by the ‘idgenerator’ script and its output is sent to the C2 server by the “updater.sh script.”

Quit Downloading Pirated Commercial Software

To avoid the threat, age-old advice applies: Don’t download pirated copies of commercial software.

Nonetheless, the researchers Malik also offered some hints to identify when an application contains unwanted code. Red flags include a trust popup from an unexpected, ‘additional’ installer; high CPU consumption by a process one did not install (QEMU or VirtualBox in this case); a new service added to the startup services list; and network connections to curious domain names (such as system-update info or system-check services).

“The decision to use virtual machines instead of a leaner solution is quite remarkable and this is not something we routinely see.”- said the researchers.

What’s your take on the discovery of the crypto mining threat? Let us know in the comments section.

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Author: Joseph Kibe

Crypto Analytics Firm Longhash Gives Tether (USDT) Stablecoin a 90 of 100 Health Score

Crypto Analytics Firm Longhash Gives Tether (USDT) Stablecoin a 90 of 100 Health Score

The first half of the year has already passed by; thus, we can gain a firm perspective of how the crypto space trends are over the past six months. Looking at Bitcoin, it has gone up by more than 140%, but for the crypto exchanges in the market, they are still vulnerable and are currently on the face of things. The Tether token is still in between the controversy that is taking place.

The Tether Controversy is Still Taking Place

Last year the token closed with allegations of the lack for one-for-one dollar backing. As a result, it was finding itself in the middle of the heated controversy. A token that many would think it is more than healthy within the crypto space, but with the recent report published, it seems to be stating otherwise.

One of the crypto analysists firms, Longhash, imparted a health score that was about 90 out of the 100 to the current stablecoin that is being accused of having fractional banking. According to this classified, the Tether token is being classified as being very healthy within the crypto space.

Longhash used a fivefold metric to establish the health of the said token, and this is where the firm went ahead to state that USDT was actually faring very well from the five metrics presented. The report was keenly looking at the stability of the token in terms of the price fluctuations.

The second key metric that was used in the analysis is the use and acceptance of the token; this was based on the volume and the number of exchanges taking place between the pairs. The other metrics they looked into was risk resistance against the volatile crypto market, growth of the coin, long term performance, all this relative to the tokens market capitalization.

Looking at the Gemini USD

Gemini USD was launched by Winklevoss twins and was able to score about 78. But this is not it as it was able to outscore the stablecoin senior when comparing the stability and practicability. But the coin feels a little short when looking at the market acceptance and the overall growth.

When looking at the distribution, the Tether coin was described as being concentrated. The reason being half of its current supply is on Binance, a crypto exchange that has been considered to be the largest in the world. However, despite this lopsided supply, it seems the USDT is fairing on much better than the stablecoin counterparts.

“Could the actions of iFinex eventually cause USDT to crash? It’s possible. But at least according to the data that we currently have, we think USDT is in extremely good health.”

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Author: Bitcoin Exchange Guide News Team