The crypto division of Square, Square Crypto, has recently hired Matt Corallo. The announcement was made on Twitter. He was one of the co-founders of Blockstream and a prominent Bitcoin dev. He previously worked on Chaincode Labs, too, where he passed almost three years.
Corallo commented on the news affirming that he was very excited to be a part of the team. According to him, it will be very exciting to experiment on Square Crypto and to make Bitcoin even better.
During an interview, he affirmed that the work will be different from what he is used to, but that the bigger the problems, the more you need talent.
The whole project is set to be open source, so the upgrades made by them can be used for others interested in Bitcoin as well.
Square Crypto Is Building Its Team
Corallo was just the newest addition to the company created by Jack Dorsey. Since the announcement of the initiative back in March, many people have been wondering who would be working on it.
The goal of the startup is to create a small but good team that will have a single designer and some software engineers.
Before him, Steve Lee was hired. He worked as a Google director previously and was hired to lead the new team. At the time, he affirmed that the team would be focused on creating the technology that could complement Bitcoin and make it more efficient and mainstream.
Author: Lorraine Mburu
The U. S. Securities and Exchange Commission (SEC) has recently decided to emit a cease and desist order against ICO Rating, which is a company focused on researching about the crypto market and rating the best investments.
According to the SEC, ICO Ratings has violated the Securities Act. The company is being accused of describing securities to get a certain direct or indirect compensation from the group that issues the investment.
This happened because the company charged fees in order to create the reports of the investments. As some of the tokens listed on the platform were considered securities, the company broke the law. The illegal reports were also widely published on social media, which is also against the norms.
The SEC affirms that ICO Rating was paid over $100,000 USD by companies and groups that issued ICOs to have them rated. These payments, however, were never disclosed to the readers of the site, meaning that they could end up investing in these security tokens without knowing that they were seeing something that the SEC considered to be a paid promotion.
ICO Ratings was ordered to cease all activities, give the money back (plus interest) and then pay a civil money penalty that would be over $160,000 USD.
Author: Gabriel Machado
David Chaum, a pioneer in the crypto world, has recently decided to launch a new cryptocurrency called Praxxis. According to him, Praxxis will be a token that will follow his original vision for digital money.
He affirmed that the new project is set to have upgraded security and be quicker and more scalable than the other cryptos in the market. The idea is, like Bitcoin’s main goal, to replace cash. Chaum was recently interviewed by The Block Crypto and revealed more details about the asset.
He affirmed that it is based on the Elixxir blockchain and that it will also follow Satoshi Nakamoto’s vision of cryptocurrencies. He believes that Bitcoin is a great way to store value, but it is currently missing some key features in order to be used properly as cash. His goal is to create a currency that can fully satisfy scalability, decentralization and security.
This new protocol is also set to be “quantum-resistant”, meaning that even quantum computers will not be able to hack it. This is the kind of threat that many people are already predicting that the future will bring, so it is certainly a good idea.
At the moment, the new revolutionary currency is being backed by private investors. However, a token sale will probably happen whenever the protocol is finally ready.
The Father of Digital Currencies
David Chaum is the real father of all digital currencies. While the figure nicknamed as Satoshi Nakamoto created Bitcoin and ushered us into the current era of crypto, Chaum was the first to come up with Ecash back in 1982.
He started a company to create it in 1990, only to went bankrupt in 1998. The idea of Ecash inspired Satoshi and led to the creation of Bitcoin.
Author: Hank Klinger
Rokkex, a crypto exchange based in Estonia, has recently started a new partnership with the French Ledger wallet, which is known for its popular hardware wallets. The company will now integrate its services with Ledger’s wallet for enterprises: Ledger Vault.
The vault will be used to secure the assets of the company with highly advanced security measures.
The Estonian company was created last year as a fully regulated platform, so it will have wealthy clients that will want to protect their assets. According to the founder and CEO of Rokkex, Lukas Krikstaponis, the first tests with the technology were very successful. The head of Ledger Vault, Demetrios Skalkotos, has affirmed that they can provide full transparency and protection from attacks.
By using this product, the clients will retain full access but they will have additional protections such as cold storage and other guarantees. This is important because several exchanges have been hacked recently, meaning that security is now more important than ever. Many exchanges try to secure the assets themselves and
Ledger Wallet was first launched in May 2018 to be used as a security tool that could target institutional investors.
The product has a structure that helps most companies because it works with multiple authorizations, meaning that its governance infrastructure can be used by institutions that share the assets with different investors.
Author: Gabriel Machado
Amaten, the largest gift card company in Japan, has recently started a new partnership with Aelf, a blockchain firm. Now, the two companies will band together in order to provide blockchain-based gift cards to their clients.
The plan is to create a framework that would be used to tokenize gift cards and let people use them via a blockchain-based platform. This way, people will be able to easily track them, which can end up decreasing fraud in the sector.
According to Tom Kanazawa, the chairman of Amaten, the current system was never really evolved. The digital revolution changed the world some time ago and the industry continued to be stale. Now, the company will have to evolve together to remain competitive and offer a better service to its customers.
Kanazawa also affirmed that the current system has some very basic flaws and that they make it really inconvenient for people to use the system. This is, he believes, the perfect use case for the blockchain technology.
The gift card industry is huge in Japan. According to the official data, it is a $21 billion USD industry locally. However, the global market is worth $340 billion USD. This means that Amaten will initially focus on Japan, but the company is ready to move forward internationally after some time.
With the upgrade, the company is expected to hold its position as the leader of the industry, its chairman affirms. At the moment, Amaten holds 70% of the market, so only extreme staleness could ruin the dominance of the company.
Author: Gabriel Machado
The Financial Industry Regulatory Authority (FINRA) has recently decided to approve IOI Capital and Market’s application for membership. The new company is set to offer digital securities based on the Hyperledger Fabric technology.
Now that the company has the approval of the entity, it can issue its securities to clients. According to the co-founders Hamid Gayibov and Rashad Kurbanov, the plans are to launch the platform in September.
The company had to wait around 18 months in order to be approved. FINRA has a huge backlog and it is common to take over a year to approve companies, which can get in the way of their plans sometimes.
Fortunately, this gave the company time to prepare. Kurbanov affirmed that the company wanted to make sure that all investors would end up receiving all necessary protections from them, which is why the company has already implemented all the systems that will ensure its security.
Iownit, the technology that was developed by the group based on Hyperledger, will be used to manage the technological part of the securities and create a more efficient market, according to the company’s founders.
The name of the new platform, which sounds like “I own it”, was inspired by how the blockchain can be used to secure records. All named that had blockchain in it were rejected. According to Kurbanov, many people wanted names such as Block Security or something similar. He decided to hold on because he was against following trends that were so obvious.
Author: Gabriel Machado
The Central Bank of the Philippines has recently decided to allow two new companies to operate as cryptocurrency exchanges within its boundaries. Now, Telcoin Corpl and Atomtrans Tech Corp will both be able to offer its services in the country.
Telcoin is a technology company based in Japan while Atomtrans is a Phillipino one. The Japanese company uses and Ethereum-based platform and has a strong mobile market in Japan. The other one is focused on remittance and payment systems and has important partnerships with Chinese companies.
With these two new companies, the country will have 13 of them. While the Philippines can still be considered somewhat of a small market, the truth is that it has been growing a lot lately. In 2017, the country transacted around $189 million using crypto while in 2018 the numbers were over $390 million USD, basically the double of what it was a year before.
Because of the high usage of these tokens, the crypto industry needs to be regulated in the country and that is where the central bank comes in. For instance, the government has issued the guidelines for ICOs this year, in order to show companies how they can offer the assets in a fully compliant way.
Other crypto-related initiatives in the country include the recent plans to launch a central bank-backed crypto. It looks like the plans did not bear fruit, however, as they were recently abandoned by the central bank of the country.
Author: Gabriel Machado
Black Manta Capital Partners, a financial company based in Luxembourg, has recently received the license from the German regulator BaFin (Federal Financial Supervisory Authority). With the license, the company will now be able to start offering Security Token Offering (STO).
The company first filed the order for the license nine months ago. Now, it is legally able to offer regulated blockchain-based brokerage services to its clients, which was the plan since the start.
According to the reports, the company is set to manage the tokens of the clients using the blockchain. The idea is to offer more access to smaller and medium companies via the STOs. This way, they will get an innovative new way to raise capital from investors.
Part of the reason why the company wanted to get the license from the regulator was in order to reach a more global audience. The Black Manta Capital Partners project is very ambitious and the company wants to set many international bases. Berlin will be one of these places, as well as Vienna and Malta.
There are also some plans to open up shop in Singapore, which would expose the company to Asian markets. Because of this, the company has already applied for a license in Singapore a well. At the moment, they are awaiting their approval.
According to the spokesman of the company, Black Manta wants to hold only great STOs, but they want to be the link between Europe and Asia, so having investments in both companies is a great start.
Author: Gabriel Machado
The Australian Tax Office has recently declared that any kind of self-managed fund that is backed only by crypto is breaking the law. Despite what it may look like, this is not a change or a new approach. No Australian retirement fund can have more than 90% of its value in a single asset class.
As you may know, these self-managed funds do not have any specialized company taking care of them, only the main investor. People are legally obliged to diversify their portfolios in this case, possibly in order to save them from themselves.
Unfortunately, this means that someone who has profited a lot from Bitcoin will have to sell some of it and buy other assets instead of being fined by the government.
According to Australian news site Micky, a total of 18,000 funds received warning letters this week because of this. The amount of them that only held crypto was not disclosed. Any self-managed fund that does not comply with the law can be fined in up to $4,200 AUD, which is not a lot if you got rich investing in Bitcoin by yourself.
Crypto Are Risky Investments
Despite how much you may not like that the government is meddling in your investments, the law was created with “good intentions”. It is more dangerous to invest in a single asset class. Cryptos, for instance, are highly volatile.
If you invested all your retirement money in Bitcoin when it was worth $20,000 USD and got out when it was around $4,000 USD, you would have lost 80% of your money. Cryptos are a great investment, but a diversified portfolio is always great.
Author: Lillian Peter
Coinbase has recently reported that the company found a vulnerability in its system that affected the passwords of some users. According to the company, some passwords were stored in a plain text file on the company’s servers.
The information was not accessed by any outside source at any time, but around 3,500 customers had their passwords stored in a less than secure way up until recently. The glitch may have affected only 0.1% of the clients but was relevant enough to be disclosed.
How has this happened, in the first place? According to the company, due to a very specific error in the procedure. The registration form would simply not be loaded correctly and the attempt to create the account would fail. However, the log of the failure would be sent to the company.
This meant that the name, information, and password of the person would be still in an unprotected place after the person succeeded in creating the account. Over 90% of the time, the customers retried and used the same password again, which caused the vulnerability.
After discovering this possible vulnerability, Coinbase looked at the other files present on the company’s database to see if another one could be problematic. Fortunately, no others were found at the time of this report.
According to a recent post, the company completely fixed the problem and excluded the file with sensitive information. All accounts that may have possibly be affected also were prompted to create new passwords in order to protect their assets.
Author: Gabriel Machado