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.

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Author: Krystle M

Telegram Breaks The Silence About Its $1.7 Billion TON Blockchain Project

Telegram is finally ready to talk about its long-awaited Telegram Open Network (TON). After raising $1.7 billion USD last year in one of the most successful Initial Coin Offerings (ICOs) ever, the Telegram network has decided to finally go public with its involvement with TON.

This week, the company mentioned the project officially for the first time, as Terms of Service page for the Gram wallet was created on the company’s site. According to it, the wallet will be integrated into Telegram’s main app, but it can also be used as a standalone product for people who are not interested in it.

The document affirmed that Telegram has no direct control over the TON blockchain, as it is a decentralized product, so people are responsible for the safety of their own information and the company can ensure that any transaction will be confirmed.

Gram’s new wallet will be created by Telegram FZ-LCC, one of the subsidiaries of Telegram which works as an official publisher for Android-based Telegram applications.

Telegram will not keep any kind of private information of the users nor its public and private keys on its servers, affirming that the user is fully responsible for handling this information by itself, just like it would be with a Bitcoin or Ethereum wallet.

The company also clarified that it has no control over the verification of each transaction that will happen on the TON blockchain. In order to keep the network as decentralized as possible, all transactions cannot have any kind of interference made by the company.

This was the first time that the TON blockchain was officially acknowledged by Telegram, despite how everybody knows that it was in development. So far, only the private investors who bought GRM tokens have a connection to it.

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Author: Gabriel Machado

Bitwise Tells the SEC, “The World Is Ready For Bitcoin ETF,” Praising Market Efficiency

One of the biggest crypto exchanges, Bitwise, believes the market is ready to accept the Bitcoin ETF.

Matt Hougan, global head of research at Bitwise said:

“A lot of people have a view of the crypto market that is anchored somewhere in the past … maybe in Silk Road, maybe in the 2018 bear market. The reality is that the market has become truly institutional in nature, with very tight arbitrage between real exchanges, major advances in custody, and the growth of a large, regulated futures market.”

Page seven of the Bitwise presentation shared with the SEC shows that the average deviation of bitcoin price on cryptocurrency exchanges has decreased since December 2017. As hackers have proved adept at stealing bitcoin from exchanges, other companies and individuals, Bitwise presents the fact that cryptocurrencies are increasingly custodied by large institutions as a sign of maturity.

They identify three key factors:

  1. The Bitcoin spot market has become efficient.
  2. Bitcoin custody has become fully institutional.
  3. The regulated futures market has become significant.

The reality is that the bitcoin market of today bears little resemblance to the crypto market of a few years ago. The crypto market today is one dominated by firms like Jane Street and Fidelity; it’s one where regulated, institutional custodians provide world-class service and are insured by Lloyd’s of London.

On the other hand Grayscale’s Bitcoin Investment Trust (GBTC) has been trading over the counter since 2013, the SEC denied Tyler and Cameron Winklevoss’ application for a bitcoin ETF in July 2018, and a month later, in a mass announcement, rejected nine other bitcoin ETFs.

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Author: Sritanshu Sinha

Binance to Debut Crypto Lending Options with ZEC, DASH and XMR

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.

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Author: Gabriel Machado

Swiss Financial Watchdog Says Its Ready To Work With Intl. Players On Libra Project Despite Risks

Swiss financial markets watchdog (FINMA) says it is ready for international cooperation as well as oversight on modalities to regulate the expected Facebook’s crypto project, Libra.

Speaking in an interview with a local media outlet Neue Zürcher Zeitung (NZZ), FINMA director Mark Branson explained that it was difficult for a solitary country to regulate a project of Libra’s magnitude and there was a need for the international community to cooperate.

Branson explained that while majority of regulators have described Libra as controversial, it is not the role of FINMA to expedite the fulfilment of the project. He said that the role of the watchdog is to explain as well as apply the laws and rules as they exist.

The director also stated that if his country was to achieve its objective of becoming a crucial financial hub in the world, it will have to cope with the various risks that emanate from working with big projects like Libra that attract international attention.

Branson stated that major finance projects like Libra are linked with reputational risks and is the case in the entire world. He however said that Switzerland should not settle for second-class financial hub in order to avoid such risks. According to the FINMA director, the decisive factor should be if the country has the right legal and regulations regime as well as supervision to deal with such players in the industry.

Although Libra has come under immense attack and pressure from different quarters who view it as a financial risk, Branson stated that FINMA was not under any pressure to use stringent rules on Libra. He explained that Libra has huge ambitions and that FINMA did not require any international pressure to realize this, pointing to the successful and large corporations behind the project.

According to CoinDesk over the last couple of weeks, lawmakers and policy makers from the US have travelled to Switzerland to discuss the Libra project and the expected regulation of the project. One of them is Maxine Waters who is the chair of the House Financial Services Committee who stated that there were doubts about the Libra project after holding talks with the Swiss regulators.

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Author: Joseph Kibe

Alleged Binance Hacker Reappears And Makes Claims of a New Wave of Data Leaks Coming Soon

It looks like the hacker allegedly behind the Binance data hack is ready to unveil more leaked information soon. On a recent tweet, the criminal nicknamed only as Bnatov Platon, affirmed that he was only warming up and that there was a lot more to come yet.

The cybercriminal also published an outline of the Know Your Customer process of the company and included some Telegram records to prove that he had the information. He did not give any timeframe for the release of any other possible leaks, though.

At the moment, however, there is simply no evidence that the hacker actually has the images that he claims on his hands. The hacking of the exchange happened at the beginning of August, but Binance denies that any information was actually taken.

According to the company, the hacker was unable to access any of the data, so what was posted online was fake. The exchange is still during its investigations, though, so the issue is still not ended. The only official statement is that no evidence shows that the hacker may have invaded the KYC images, especially because the leaked images lack the Binance watermark.

The exchange also highlighted that all the images are dated from February 2018 and that this was around the time in which the company hired a third-party to handle KYC. This means that the third-party may have been hacked instead of the company.

At the moment, we can only wait before we determine if the alleged hacker will indeed have some more material or if the information of Binance’s clients is protected.

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Author: Bitcoin Exchange Guide News Team

Bitcoin Gearing Up For A Price Move; Will It Hit $13k or $8k Is The Question

  • Weekend is here, get ready for fireworks
  • Bitcoin takes a hit, goes down to $11,200, this could eventually push to the daily s/r 10.7-8k says trader
  • A retest of the $11,120 is expected

Bitcoin went above $11,000 on August 4th and since then it has been trading above this level. Though the flagship cryptocurrency breaks above $12,000 a few times, during the same period, it couldn’t stay above this level for long.

Currently, BTC/USD is trading at $11,300, after a sudden loss of 3.92 percent in a few minutes, while managing the daily trading volume of $1.13 billion, which has come down from $1.9 billion, this week.

Weekend Is Here

Now, we have entered the weekend which during the last uptrend saw heightened activity.

Bitcoin, that trends 24/7, tend sot spike on weekends. Since the beginning of May, the surges in weekend activity has accounted for roughly 40% of BTC price gains.

In December 2017, Bitcoin peaked at $19,666 on a Saturday.

Cryptocurrencies trade around the clock, unlike securities on most traditional exchanges.

As for why prices tend to spike on weekends, there are some potential reasons such as crypto investors spend the weekends discussing news items with friends and other investors, moving them to trade crypto assets, and crypto companies choosing Mondays for announcements that has many traders trying to get ahead of the news by trading over the weekend.

FOMO Also Play a Part.

But even as prices rise on weekends, fewer people might be trading altogether, accounting for more pronounced price moves.

Bitcoin Propped For a Move

As we make it to the weekend, trader Credible Crypto is expecting more sideways movement before we ultimately continue to the upside. However, once we clear highs, he sees a strong rejection coming that a loss of $11,450 will confirm.

“Here is a very viable alternate count that may have us visit 11k sooner rather than later…Ultimately, still looking to long 10.8-11k and expecting continuation up after.”

Bitcoin, today did just that, fell down to $11,200 in a sudden and sharp move on the weekend.

Similar sentiments are shared by market analysts and trader Benjamin Blunts who says this move could turn out to be a B wave that could take us to $11,200 before we breaking down for wave C that will take us to $12,923.

According to analyst, The Cryptomist, RSI pennant has broken up and had a re-test which she says is often followed by bullish price action.

Bitcoin currently has resistance at $11,905 and support at $11,730.

A retest of the $11,120 is expected says trader Scott Melker in his BTC Adam & Eve update. However, trader CryptoISO says, “this could eventually push to the daily s/r 10.7-8k.”

Bitcoin looks to be prepared for a big move, but it’s to be seen if it would be to the upside or downside.

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Author: AnTy

Fidelity Digital Assets Readies to Onboard 10 More Trading and Blockchain Professionals

Fidelity-Digital-Assets-Is-Ready-To-Hire-10-More-Professionals

The crypto branch of Fidelity Investments, Fidelity Digital Assets, is ready to grow. The company has been reported to be wanting to hire 10 people to its team of blockchain pros. A new job posting indicates that these positions include leadership roles such as vice president, leading software engineer and director.

In case you are not so experienced, don’t give up now, as the company is also hiring software engineers, product designers and people for other technical positions.

It should be noted that the job posting for vice president, for instance, is not really new. It was originally posted back in May but reposted now. The more technical positions, however, are new job posts.

The Jobs

The most high-profile job is “leading solution architect”, which will basically have the rank of vice president and act as the Chief Technology Officer (CTO) of the company, a very important position. The person will need to create the design, architecture and do the maintenance of the new platform. The service has to be done, of course, following Fidelity’s parameters for security, which are high.

According to the job posting, the most ideal candidate for the role is someone who already has experience in developing for public blockchains (especially either BTC or ETH) and that has experience with private platforms as well.

The director of product management is set to be another senior officer. His job will be to create new crypto offerings as well as to work on maintaining the relationship between the company and its partners. Experience with institutional investors, custody and securities trading will be necessary. Another important experience is to have worked with the regulation before or to know it very well.

There is also the job of product designer, which is set to help in the creation of strategies for the business and usability of the platform, as well as design and research.

Developers can apply to be the software engineering lead of the new company. In order to do it, they need to be experts in these three platforms: Ethereum, Corda and Hyperledger Fabric. This is a management position, so the person will be overseeing other developers.

Someone less experienced can apply to be the new blockchain software engineer of the company. Experience working with both BTC and ETH is needed and this person will evaluate projects and determine the ones that will be used for the company, as well as to develop technology focused on the blockchain.

Finally, there are also jobs which are not necessarily directly related to the blockchain technology: associate analyst, senior analyst for trade support, senior software quality engineer, customer service representative and others.

Fidelity Digital Assets was launched this year and it seems that the company has seen plenty of growth so far, as the need to hire more people have presented itself to the company.

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Author: Gabriel Machado

Philippines’ Central Bank Abandons Plans of Launching Own Cryptocurrency

Philippines’ Central Bank Abandons Plans of Launching Own Cryptocurrency

Philippines’ Central Bank is reportedly ready to halt its planned launch of a digital currency and wait for at least five years. The Bangko Sentral ng Pilipinas, according to Phillstar Global, a local news outlet, is rethinking issuing its own digital currency as it monitors the global crypto space.

Benjamin Diokno, the bank’s governor, spoke about it, saying they chose to halt it after a meeting with experts from Switzerland’s Bank for International Settlements (BIS) last month. The outlet reported that he revealed the unexpected turn of events after consulting his Swiss counterparts.

The bank is reported to have shelved the decision even as it keeps its eyes on Bitcoin as well as the other Altcoins’ susceptibility to promoting illicit activities, including terrorism. Diokno, aware of the rampant volatility of these coins, seemingly knows that it could seriously hamper the bank’s native coin’s value once it’s launched.

According to him, even though the bank is open to innovations, it must remain responsible for the sake of the Filipinos. He, however, said they would wait for five years.

Spoke about Libra

The governor, however, gave his thoughts on the Facebook-backed cryptocurrency, Libra, and the divided opinion it has initiated across the world. Libra, although it is yet to be released, has created jitters among mainstream financial institutions, with its proponents backing it as an agent of revolution in the lucrative remittance market.

The Bangko Sentral ng Pilipinas’ department tasked with technology risk and innovation supervision has been closely monitoring the latest happenings in the crypto industry. It has in the past reported a more than double growth in the volume of transactions, rising from 2017’s $189.18 million to hit $390.37 million in 2018.

But it’s still interested in establishing a crypto economy

But even as the bank won’t be launching a native cryptocurrency, its participation in activities related to digital currencies in Philippines is still evident. It is only recently that the bank released a regulatory framework intended to manage all crypto-related activities in the country.

The circular stated that all ICOs would need to first seek permissions from the institution before operating.

A week ago, the bank also gave 11 crypto assets a go-ahead to operate in Philippines after Economic Zone Authority Cagayan had allowed 37 others to also operate. CEZA, as it is known, is a government-approved organization for tech-based organizations.

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Author: Lillian Peter

Bitcoin Continues to Show Strong Signals, Bullish Flag Pattern Emerging for BTC/USD Price

Bitcoin-Continues-to-be-Bullish-Bullish-Flag-Pattern-Emerging
  • Bitcoin to blast through $10k
  • Everyone eyeing mid $9ks for a pullback so be ready for a retrace to come sooner

Bitcoin hasn’t been able to touch the $9,000 mark yet as it makes a retreat yet again. However, it is at the level which was last seen a year back. The world’s top cryptocurrency is currently trading at $8,605 with 24 hours loss of 1.18 percent. Still, BTC/USD is up over 132 percent till date in 2019.

After the brutal winter of 2018, Bitcoin and crypto market is recovering at a great pace as experts are calling it to be the start of the bull market. The market started seeing the greens just as we entered into 2019 however, it was in April when Bitcoin reached $5k and then the monster rally in May that saw $7k, $8 and further climbing just inches away from $9k.

Despite having the pullbacks, Bitcoin is still following a bull trend as crypto trader and investor Josh Rager says he will continue to be bullish on the leading cryptocurrency until it hits the area between $9400 to $9700, even if it retraces to $8,400.

“Being that’s the 0.382 fib from Bitcoin ATH to cycle bottom & some major horizontal resistance areas. This could be a place where some “larger players” take profit,” says Rager.

As for the bearish perspective, a pullback prior to $9400 – $9700 level could be expected as it is the most expected place. However, Rager cautions that crypto market moves at its own pace and it wouldn’t be a crypto market if it doesn’t throw a few surprises as

“price action rarely goes as expected.”

However, a scenario could also be expected sooner as everyone is eyeing mid $9ks for a pullback.

Bitcoin Price to Heat Up

As the temperature is heating up, despite a mild downward shift, so is the Bitcoin price as Naeem Aslam of Think Markets’ chief financial analyst calls for a fresh bull run for BTC that would see us blasting through $10k.

“If you are not ready then get ready, because the bitcoin price is about to blast past the level of $10K, recovering half of its losses from its all-time high, a real embarrassing moment for those who said that the currency will never recover from its losses,”

predicted Aslam in a note to his clients.

He is expecting the $10,000 breach to happen either this week or the next as he notes that Bitcoin is trading above its 50,100, and 200-day simple moving averages.

“The moving averages are very important because they define the trend; if the price stays above them, it shows that the uptrend is strong and when it starts to trade below them, then it means a downtrend.”

While talking about the strong momentum the leading cryptocurrency is experiencing because of the institutional investor’s involvement, the reason behind the rising volume for Bitcoin futures contracts, he also said,

“Never doubt the resilience of the currency and the support it has among the community.”

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Author: AnTy